Micromax chief Agarwal 'steps down'

Aug 09, 2013

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New Delhi: Micromax co-founder Rajesh Agarwal, who has been arrested by CBI in a bribery case, has “stepped down from his duties,” the domestic mobile phone maker said on Thursday. It was, however, not clear if he has resigned or just stepped aside pending investigations.
Agarwal and his associate Manish Tuli were arrested on Wednesday by CBI when they were allegedly giving bribe of Rs 30 lakh to the officials of North Delhi Municipal Corporation for regularisation of an unauthorised property. Four government servants were also arrested along with the duo. All the six arrested were remanded in CBI custody for seven days by a Delhi court on Thursday.
“Rajesh Agarwal, cofounder, Micromax Informatics Limited, has stepped down from his duties and recused himself from the responsibilities. He will focus on the legal proceedings to clear his name of the alleged charges,” the company said in a statement. It said Tuli has no association with the company and Agarwal was present in his personal capacity with him.

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