Online realty platform Housing.com said on Wednesday that it has released co-founder and CEO Rahul Yadav as CEO with "immediate effect" after a regular board meeting, according to PTI.
In a statement, the company said that the board of the company unanimously agreed to bring Yadav's tenure to a close citing his "behaviour towards investors, ecosystem, and the media."
"The board believed that his behaviour is not befitting of a CEO and is detrimental to the company, known for its innovative approach to product development, market expansion and brand building," said the statement.
The company said the search for an interim CEO is underway, and the current senior executives of Housing will continue to run the operations on a daily basis.
There were reports that investor Softbank had requested local police presence at the premises anticipating violence by Rahul Yadav or his supporters.
His sacking comes after a day after reports said that Quickr was looking to acquire Housing.com, and Yadav's alleged emails to employees that he was telling journalists two different sets of information on the whole issue.
Twenty six-year-old Yadav, an IIT-Bombay dropout, is no stranger to controversy and has taken to social media to announce his decisions and rant.
Around the time the company's board meeting got over, Yadav made a post on his Facebook page public.
He had been in the news since March when he wrote a scathing letter to Sequoia India's head Shailendra Singh accusing him of poaching employees.
On April 30, he resigned from the company, saying investors — including Softbank, Nexus Venture Partners and Helion — were not intellectually capable.
"I don't think you guys are intellectually capable enough to have any sensible discussion anymore," Yadav had written to the Housing.com board in his resignation email, only to apologise to the board members and withdraw his resignation on May 5.
He had also allotted all of his personal equity stake in the company — worth between Rs 150 crore and Rs 200 crore — to all the 2,251 employees of the company.
Yadav also courted controversy by criticising other companies and CEOs in the Indian tech space, including a feud on social media with Zomato CEO Deepinder Goyal saying that it was "a company scanning menus from last 7 years and doing no innovation"
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