Zilingo’s Ankiti Bose resigns from the company’s directorships (updated)

Ankiti Bose, co-founder and ousted CEO of Zilingo, said she has resigned from directorship positions in Zilingo’s holding company and its subsidiaries. The development comes over a month after she was fired as the fashion commerce firm’s CEO.

Bose claimed that Zilingo’s board of directors had failed to show any reports issued by Kroll or Deloitte, which were investigating her alleged misconduct, that would justify her termination as CEO, according to a statement shared with Tech in Asia.

Bose said that “other material information” related to the company had also been “concealed” from her even though she had remained a board director and shareholder in the company.

In a statement, Zilingo says that it has accepted Bose’s resignation from her directorship positions, but is “saddened to note that inaccurate claims have been made in media of concealing relevant information from Zilingo’s directors.”

It adds that the company “continues to evaluate and actively pursue all real and credible options for the business.”

Zilingo co-founder and CEO Ankiti Bose / Photo credit: Zilingo

A source with knowledge of the situation said that Bose had not been fired from 10 other non-CEO positions that she held at the firm. However, the source added that the board has been acting “very opaquely,” hiding communication between the board and employees, ex-employees, creditors, and shareholders from Bose (which Zilingo disputes).

Bose’s resignation comes more than a week after co-founder Dhruv Kapoor filed a management buyout proposal to the Zilingo board. Bose had replied to Kapoor’s email, saying she “endorsed” the plan, and if the proposal did go through, Bose would likely return to the company, according to a source who declined to be named.

The proposal was filed a day before Zilingo’s board was supposed to meet to discuss the company’s future – one option being liquidating the company. However, it’s unclear whether a decision has been reached – the meeting was reportedly adjourned.

Meanwhile, the company’s Philippines subsidiary has been delaying salaries and selling assets to stay afloat amid the uncertainty around the firm’s future.

In her statement, Bose reiterated her “commitment to save the company.”

“I will unflinchingly support any plan that saves the jobs at Zilingo, and I would once again request every Zilingo shareholder to try and look past our differences and personal agenda and prioritize what is best for our people who have given their blood, sweet, and tears to our company,” she said.

This story is developing. Check back for updates.