Flipkart co-founder Binny Bansal has resigned as the company’s group CEO, following an internal investigation conducted by both Flipkart and its parent firm, Walmart, into an allegation of “serious personal misconduct,” the two companies said in a joint statement.

Bansal, 37, has strongly denied the allegations, the company said in a statement. Bansal and his representatives could not be reached for comment.

“While the investigation did not find evidence to corroborate the complainant’s assertions against Binny, it did reveal other lapses in judgement, particularly a lack of transparency, related to how Binny responded to the situation,” the company said.