Only 3 lakh hours left, not worth wasting with you: Housing.com CEO Rahul Yadav's resignation letter

Housing.com owner Rahul Yadav, who was involved in a bitter public fight with Sequoia’s Shailendra Singh, has now resigned as the CEO and chairman of the house hunting start-up after several weeks of controversy and drama. Yadav’s resignation brings to end a two-month long saga that started with his public spat with a prominent venture capital investor, alleged misreporting by Times Group, which owns a competitor site, and followed by a defamation legal notice. Yadav has written a scathing resignation letter to the board members and investors accusing them of lacking of any “intellectual capability" , The Economic Times reported today . Yadav has given the company just seven days to work through the transition, with no other explanation for the short notice period. “I’m available for the next seven days to help in the transition. Won’t give more time after that. So please be efficient in this duration,” Yadav wrote in the letter. The company’s board, which is scheduled to meet today, has reportedly acknowledged Yadav’s resignation. Yadav’s letter seems to have created a buzz on Twitter too with several people lauding him for his ‘blunt’ resignation. Here are some of the responses:

Meanwhile, a  Mint report, quoting a source close to the development said that Housing.com’s biggest investor Softbank, which had pumped in Rs 550 crore into the company in December 2014, and Yadav have been at war for a while now. In April, SoftBank Corp. vice-chairman Nikesh Arora had quit the board of the company too. Moreover, the Mint report said that investors are unhappy about the company’s high cash burn and the controversies it has become embroiled in. [caption id=“attachment_2228432” align=“alignleft” width=“380”] Rahul Yadav.[/caption] Earlier this year, in March the Times Group served a defamation notice to Yadav and the company’s board after he accused the Times Group of spreading rumours that the Housing.com Board was looking to replace him as CEO, and suggested that it was doing so because of business rivalry (Times Internet Ltd owns magicbricks.com, which is a direct competitor to Housing.com). The Times Group notice to Yadav had then asked him and the company’s directors to issue an unconditional apology, along with Rs 100 crore. Investors had earlier also raised their concerns with Yadav’s strategy which led to a public spat between him and managing director of Sequoia Capital Shailendra Singh. In a March email, Yadav accused Sequoia of doing “inhuman and unethical things” at Housing.com. The mail allegedly written by Yadav to Singh on 6 March found its way on to a Quora thread, only to be taken off later, in which the Housing.com executive threatened to ‘vacate the best’ in Sequoia. Reportedly addressing Singh as ‘Dude’, Yadav said that he had been humble to ‘you guys’ even after the ‘inhuman and unethical things’ they had done in the past and said that the venture capital firm had indulged in similar actions with firms like Ola Cabs, Flipkart and others. Yadav reportedly wrote that he had discovered that Singh was after Housing’s employees and was brainwashing them ’to open some stupid incubation’. The Housing.com chief said that if Singh didn’t stop ‘messing around’ with him, he would vacate the best in the venture capital firm.