Photo: Hemant Mishra/MintBengaluru: A large number of former employees of Flipkart, India’s most valuable start-up which was taken over by Walmart last week, are yet to receive a formal communication from the online retailer on the status of their employee stock ownership plans, six former employees said. On Sunday, Flipkart sent out a short missive to roughly 300 former employees informing them about the share repurchase plan for ex-employees, saying that it “was unmatched among private companies in India.”In the letter, Flipkart informed employees that 30% of their vested stocks could be sold at the time of closing of the deal between Walmart and Flipkart. Apart from the 300 former employees, the rest of Flipkart’s ex-employees are yet to receive a formal communication from the company on the status of their holdings. And the worst part is that the Sunday mail went out only to a select batch of former employees,” said a former executive who requested anonymity. Flipkart did not immediately respond to an email seeking comment.

Source: Mint May 14, 2018 21:11 UTC