Majority of valuable talent has left the company, nearly 30 IITians future is at stake, Hike letters have been handed over to majority of employees with effective date being January 2017. Assuming the current management succeeds in selling the company by this year end, it will be disastrous for the new buyer, as there will be widespread attrition in January.
New CTO has no idea about execution, good for using only tech words (Multi-tenancy, agile process, automation) needed to eyewash buyers. A company which did not bother about all this for 10 years suddenly wants everything up and running in 2 months so that they can fool buyers.