Mumbai-based online realty platform Housing.com issued a statement on Wednesday saying CEO Rahul Yadav has been released with "immediate effect," after a regular board meeting held earlier on Wednesday. Yadav, who is also the co-founder of the company, will no longer be an employee of Housing and be associated with the company in any manner going forward, the company said.

The statement added that the Housing.com board unanimously agreed to bring Yadav's tenure to a close citing his "behaviour towards investors, ecosystem, and the media."

"The Board believed that his behaviour is not befitting of a CEO and is detrimental to the company, known for its innovative approach to product development, market expansion and brand building," the statement said.

The company said the search for an interim CEO is underway, and the current senior executives of Housing will continue to run the operations on a daily basis.

Reports that classified site Quikr is interested in buying Housing.com to further its push into real estate have been doing the rounds and one wonders if the takeover will be the next big announcement by Housing. Both companies have so far refused to comment on the subject.

Yadav was was no stranger to controversy as CEO of Housing.com having first hit the headlines when the news of his dramatic resignation broke on social media. "I don't think you guys are intellectually capable enough to have any sensible discussion anymore," Yadav had written to the Housing.com board in his resignation email, only to apologise to the board members and withdraw his resignation.

(Also see: NDTV.com Exclusive: Rahul Yadav of Housing.com on Several Controversies and Some Plans)

A few days later Housing.com issued a statement saying he was giving away all his shares to Housing.com employees. Yadav has also courted controversy by criticising other companies and CEOs in the Indian tech space, including a feud on social media with Zomato CEO Deepinder Goyal.

(Also see: 'Quitting Was a Well Calculated Tactical Move,' and Other Things We Learnt From Housing.com CEO Rahul Yadav's AMA)