Here were the most controversial resignations India saw in 2018

From the Indian Parliament to the Reserve Bank of India, to startup unicorns, this year was especially rife with high-profile resignations, giving fuel to ongoing controversies.

Here are the top departures that left the country in surprise:

1. Urjit Patel
In December, Urjit Patel announced his resignation from his role as the governor of the Reserve Bank of India citing ‘personal reasons’ amid differences between the central bank and the Indian government.

While many top politicians and academicians in the country have been citing different reasons for ‘why’ Urjit Patel abruptly resigned from his post, many believe it was the tensions between the RBI and the government, particularly the latter’s moves that threaten the central bank’s independence that led to his departure. Patel has subsequently been replaced a former government official Shaktikanta Das.

2. Arvind Subramanian
(Image Credits- IANS)
India’s Chief Economic Advisor Arvind Subramanian resigned from his position in Finance Ministry on 20th June citing ‘pressing family commitments.’ Krishnamurthy Subramanian was appointed as the new CEA after the post was left vacant for nearly six months.

Months after quitting his post, Subramanian in his recently-launched book ‘Of Counsel’ commented on the government’s demonetisation policy calling it “a massive, draconian, monetary shock” that took a hit on the Indian economy.

3. Binny Bansal
(Image Credits-Wikimedia.org)
Indian e-tail major Flipkart Group's Chief Executive Officer (CEO) Binny Bansal parted ways with the company on 13th November following the allegations of ‘personal misconduct’. Bansal announced his resignation, effective immediately, following an independent investigation by Flipkart and Walmart against him. However, Binny Bansal has strongly denied all the accusations against him. He is reportedly launching a tech startup to provide technology tools, learning and consulting services to growth-stage ventures, ET reported.

4. M.J Akbar
(Image Credits-IANS)
The #Metoo movement forced the Minister of State for External Affairs, MJ Akbar, to put down his papers days after several of his former female colleagues accused him of sexual harassment. The campaign gathered much attention from people across India with many women coming forward to reveal sexual predators at workplaces, especially in the media industry.

5. Ananth Narayanan
Myntra’s Chief Executive Officer (CEO), Ananth Narayanan, stepped down from his position in the company within a month after denying speculation about his resignation, following Binny Bansal’s exit from parent Flipkart.

Following his resignation other high-ranked officials including Mithun Sundar, Chief Revenue Officer (CRO), and Manpreet Ratia, Head for Human Resources, also resigned from their respective role in the company.

6. Chanda Kochhar
In October, Chanda Kochhar resigned as the CEO and Managing Director of India’s largest private sector bank, ICICI Bank. Kochhar had been sent on indefinite leave amid a corporate governance scandal that led to an independent judicial investigation into alleged misconduct and dealings with Videocon. Kochhar was facing allegations of conflict of interest while making a loan to Venugopal Dhoot, the promoter of Videocon Group.

7. Rana Kapoor
The co-founder and chief executive of Yes Bank, Rana Kapoor, was reportedly asked by the Reserve Bank of India to put in his papers by January 2019. Kapoor had been working as the managing director and CEO since the bank started its operations in 2004. RBI decided not to extend the tenure of Rana Kapoor amid alleged corporate governance lapses and under-reporting of non-performing loans. The central bank further instructed Yes Bank to look for his successor. His resignation led to a crash in the bank’s shares. However, last month, its non-executive chairman, Ashok Chawla, also resigned, further exacerbating matters for the bank who had been tasked with bringing back stability to the institution.
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