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Neotel CEO cleared of corruption, resigns anyway

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Neotel CEO Sunil Joshi has resigned from the company, as an investigation concludes that clears him of any bribery or corruption allegations.

Joshi was earlier place on leave while a board-initiated investigation was conducted into certain transactions involving Neotel and Homix.

The company today issued a statement that Joshi complied with this process, cooperated therewith and fully supported the board.

The investigation has now concluded, finding nothing to date that implicates Joshi personally in any bribery or corruption activities.

However, Joshi has decided to pursue his own interests, and will resign from Neotel with immediate effect.