Zilingo's co-founder Ankiti Bose resigns, says she reserves right to pursue action

Ankiti Bose, Zilingo's co-founder and former CEO, has said she has resigned from the company's board, including the holding company and any of its subsidiaries.

The Singapore-based B 2 B fashion start-up, backed by Sequoia India, had fired Bose from the position of CEO last month due to complaints of serious financial irregularities.

In the statement, Zilingo stated that it reserves the right to take appropriate legal action. Following an investigation led by an independent forensics firm that was commissioned to look into complaints of serious financial irregularities, the company has decided to terminate Ankiti Bose's employment with cause and reserve the right to pursue appropriate legal action, according to the statement.

Bose said on social media that hundreds of employees and customers are in a state of limbo and do not have any clarity on their future. She said, This is a difficult time for my Zilingo team, and I want to assure all my beloved Zilingo colleagues that my resignation is not in conflict with my commitment to save the company. Here is the full statement from Ankiti Bose as posted on Instagram:

Over the past few months, the Zilingo board has failed to show me any report issued by Kroll or Deloitte that related to any investigations into the company or any of my alleged misconduct, and why or how these were used to terminate my position as CEO.

Although I remained a board director in the holding company and its subsidiaries, this was despite the fact that I remain a shareholder of the company. Other material pertaining to the company has also been concealed from me during this time.

At the same time, spokespersons and leakers have been busy spewing nasty media narratives, which is to the detriment of all concerned.

It is heartbreaking to know that hundreds of employees and customers are also in limbo and do not have any clarity on their future like me. Because of the current circumstances and the opacity of information to me as a board member and shareholder, I resign from all directorships I hold with Zilingo s holding company and any of its sic subsidiaries.

This is a difficult time for my Zilingo team, and I want to assure all my dear Zilingo colleagues that my resignation is not in conflict with my commitment to save the company.

I will always fight for you and for you. I will be unflinchingly support any plan that saves the jobs at Zilingo and I would request every shareholder of Zilingo to look past our differences and priorities and prioritise what is best for their people who have given their blood, sweat and tears to our company.