CE Info Systems ltd., parent company of MapMyIndia, at the conclusion of its board meeting on Monday, December 9, has announced that it has decided to reverse its decision to invest in the new company that will be formed by its former CEO Rohan Verma.

“MapMyIndia’s board has reversed its decision to make any equity or debt investment in the proposed new company,” it said in an exchange filing.

The exchange filing further added that the board and the management of the company believes that the focus of the company should remain on the B2B and B2B2C sectors, which constitute over 99% of the company’s revenue.

“MapMyIndia is a market leader in these segments with a strong track record of growth and profitability and will continue to invest in these segments for future growth,” the statement said.

MapMyIndia’s retail brand Mappls, and associate app continue to remain held by the company.

MapMyIndia shares had declined below their issue price after the company had announced that CEO Rohan Verma will be stepping down from the company to pursue an independent venture, where MapMyIndia will hold a 10% sake.

The company was also supposed to have an option to invest ₹35 crore in the company through Compulsory Convertible Debentures.

“The board has made the decision after due deliberation keeping in mind the best interests of the company,” according to the company.

Shares of MapMyIndia jumped as much as 18% after the announcement, currently trading 17% higher at ₹1,934.9.