On June 28 the news of Rao being under investigation for alleged financial misappropriation broke. A week later the company announced that Rao had resigned as CEO, taking responsibility for certain “weaknesses in processes”. However, those Rs 12 crore that had been paid to the external vendor was “returned” to OnMobile.

Lessons for Young Entrepreneurs

If an entrepreneur starts a company it would definitely be dear to him and hence it is his complete duty to ensure that there are no hindrances in the company’s growth. He must also carefully analyze every situation to ensure that there are no loopholes that can pull the company down the ladder.

Careful Scrutinizing

Entrepreneurship is a serious business and there must be no place for illicit or illegal practices. It must be the basic responsibility of every entrepreneur to check the records of the company and its books of accounts to ensure that there has been no manipulation. Extreme measures must be inculcated to avoid fraud and duplication.