At a meeting on Wednesday, the board took into account his "behaviour towards investors, partners and the media" and concluded that it was not befitting of a CEO and is detrimental to the company," according to The Economic Times.
The report added that the investors had even called in the local police in anticipation of violence, but “Yadav left without any incident.”
#Rahul Yadav removed as CEO of #Housing with immediate effect. Board unanimously agreed to end yadav's tenure
— Shereen Bhan (@ShereenBhan) July 1, 2015
Yadav, an IIT-Bombay dropout, has been in the news since the beginning of this year for announcing his resignation and then withdrawing it, and his ill-advised attempts at poking humour at other startups, such as Zomato. Recently, he trained guns on his own company in a series of Facebook posts.
The night before Wednesday's board meeting, he decided to change his cover picture as well.
Housing has been involved in several controversies in recent months, not the least a rebranding campaign that came under fire for allegedly lifting up a logo from another app called “Look Up”. Its reputation wasn't helped by Yadav’s spat with venture capital firm Sequoia Capital, who he accused of poaching his employees. He also got into a tangle with Times Group, when he made disparaging remarks about the media firm's Magicbricks.com venture – a rival to Housing.com – in an internal email that soon surfaced on social media.
However, in a recent post, Yadav took it one step further when he posted an image of an advertorial announcing the sale of Housing.com by Times Group on the market platform Quickr, which is reported to be in talks for buying the start-up.
Even though Yadav's antics have been laid to rest for now, nobody can say with certainty that he won’t make a comeback. That’s what prompted social media to respond with humour following the announcement. Here’s a selection.
Pretty sure Rahul Yadav will be back in a house soon enough. The Big Boss house.
— Kushan Mitra (@kushanmitra) July 1, 2015
Eagerly looking forward to Rahul Yadav's next startup. Perhaps he can start a career counselling site. #NotReally
— Madhu Menon (@madmanweb) July 1, 2015
After Getting Removed from http://t.co/7fNc50hhB4 Rahul Yadav to join National School of Drama as Director #FakingNews
— Ingenious (@Bees_Kut) July 1, 2015
Very few people know that Rahul Yadav has already resigned form the company he is about to join
— EngiNerd. (@mainbhiengineer) July 1, 2015
Looks like Rahul Yadav has finally been asked to leave housing and stay in his housing.
— Ramesh Srivats (@rameshsrivats) July 1, 2015
I used to smoke for about 6 years then I Rahul Yadav'd
— Vir Das (@thevirdas) July 1, 2015
Now, Rahul Yadav may get funding for his next startup: http://t.co/57JIvVEDWu ;-) @Singh10Seema
— Madhavan Narayanan (@madversity) July 1, 2015
"Rahul Yadav released as CEO of Housing"- says a press release from the startup. I think they are confusing him with a movie
— Madhavan Narayanan (@madversity) July 1, 2015
Mentor to Rahul Yadav after he quits once again: "This is not what it means to be a serial entrepreneur"
— The UnReal Times (@TheUnRealTimes) June 25, 2015
After distributing all Housing stocks in the company, Rahul Yadav only has laughing stocks left.
— Jugal (@joogasama) June 25, 2015
Rahul Yadav quits his job like people try quitting cigarettes.
— Akshar (@AksharPathak) June 25, 2015
Q: How the Lalit Modi drama will end? A: Rahul Yadav will meet LM. Arnab will demand his resignation. Rahul will resign. Happy ending
— ABCDVilliers (@abcdvilliers) July 1, 2015
This Rahul Yadav appears to have quit at least as many times as Afridi has returned.
— Mohan Krishnamoorthy (@mohank) June 25, 2015
Not surprised that http://t.co/9M7brclL0d fired Rahul Yadav. He had become the Arvind KEJRIWAL of the corporate world. Insane and quirky.
— SUHEL SETH (@suhelseth) July 1, 2015
@deepakshenoy As somebody on my TL said, he's now Steve Jobless of India.
— Madhu Menon (@madmanweb) July 1, 2015
Rahul Yadav quits again, reminds me of this Fevicol Ad: https://t.co/lv8r3aYHsz
— Gabbbar (@GabbbarSingh) June 25, 2015