BharatPe cofounder Ashneer Grover suffers a major setback in his dispute with the fintech startup’s board and CEO
- ByStartupStory | February 28, 2022
After several weeks of scandals, the SIAC rejected to stay BharatPe’s probe into the company’s operations and governance under Grover, according to a PTI report.
Grover had filed an emergency appeal with the Singapore arbitrator earlier this month, questioning the need for a governance review. He further argued that the company’s preliminary investigation was in breach of the shareholder agreement and articles of association.
The corporation may now prevail and force Grover to sell his ownership owing to financial malfeasance.
This whole controversy began with a legal battle with Kotak Mahindra Bank over IPO financing, which led to the release of an expletive-filled chat between Grover and a Kotak employee on Twitter in late 2021. Grover declared in January that he was taking a voluntary leave of absence, but considering the volume of complaints that followed, this was merely window dressing.
In the midst of the uproar, Grover stated publicly that he is willing to leave BharatPe provided the board agrees to rebuy his 9.5 percent interest for INR 4K Cr, valuing the company at $6 billion. The corporation of course, has ignored this requirement, and is in conversations with financiers to raise capital at a valuation of $4 billion.
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