it cant absorb the shockssequoia india said it has always cared about corporate governance building worldclass companies requires firstrate governance a sequoia india spokesperson said in a statement to bloomberg there is always more we can do to work with founders so that their companies benefit from better more robust standards of governance such as stronger audit oversight clear whistleblower processes and the need to bring independent directors on board earliersalary questionsthe zeal for governance may have come too late for zilingo about a week after bose was suspended a board director and an adviser to another shareholder questioned her about why she was drawing a monthly salary of s50000 her employment contract five years ago stated it as s8500 and the adviser had just discovered shed been making considerably more since 2019 according to people with knowledge of the matter bose said the numbers are inaccurate but did not provide her salary informationinvestigators hired by the board also questioned her about three sets of revenue numbers for fy21 that zilingo had shared with external parties 190 million 164 million and 140 million bose explained to them that the 190 million had been circulated before the year closed and before the cancellation of masks and other orders the 140 million was used in a due diligence report for fundraising while the 164 million included uninvoiced revenue according to a document seen by bloomberg but another document the company shared with a potential investor seen by bloomberg news shows zilingos net revenue for the year was about 40 million a representative for kroll inc the firm that conducted the probe declined to commentbose said in an interview with bloomberg news in may that zilingo has used aggressive methods for recognizing revenue but that the calculations are standard practice for the industry and that all of its investors were fully aware of them these matters are well understood by all investors bose said in the interviewzilingo went through a tough time during covid said rohit sipahimalani temaseks chief investment officer there were clearly some things the board was unaware of and when there were complaints made they investigated into it and actions have been taken subsequentlynow the company is in turmoil and some employees say they are worried about their future the board in june was considering liquidating the company after her suspension in march bose herself filed a formal complaint to the board asking it to also suspend kapoor and thenchief operating officer aadi vaidya a friend from college for their poor work performance and lack of leadership a representative of the company kapoor and vaidya declined to comment vaidya resigned last week after seven years with zilingo explaining now is the time to move on clear my head and reset prioritiesits a steep fall for zilingo from just five months ago when boses fundraising efforts valued the company at 12 billion