Ashneer Grover resigns as BharatPe MD and director
- ByStartupStory | March 1, 2022
BhartaPe MD and Director, Ashneer Grover has earlier been engaged in a battle with the board of fintech BharatPe. Ashneer resigned from his post, day after his wife Madhuri Jain Grover had been terminated as the head of controls on allegations of funds misappropriation, says a report. On February 27, Sunday, the Singapore International Centre (SIAC) rejected Grover’s emergency arbitration plea challenging the firm’s decision to conduct a governance review.
“I write this with a heavy heart as today I am being forced to bid adieu to a company of which I am a founder. I say with my head held high that today this company stands as a leader in the fintech world. Since the beginning of 2022, unfortunately, I’ve been embroiled in baseless and targeted attacks on me and my family by a few individuals who are ready not only to harm me and my reputation but also harm the reputation of the company, which ostensibly they are trying to protect.”, said Ashneer Grover in his letter of resignation to the board.
After parts of the audit report by Alvarez and Marsal started circulating on social media, Grover questioned the media leaks. On January 28, Monday, BharatPe disclosed that it had hired Alvarez to conduct a governance review of the company. It also confirmed in the next week that it had also roped in PwC. On February 7, the decision to bring PwC after hiring Alvarez was a step towards terminating the services of Madhuri Jain Grover and Ashneer Grover, as their ouster can only happen after a report by a Big 4 audit firm indicts them, shows a report.
Alvarez conducted a preliminary report in January in which inconsistencies were found in dealings with vendors. The reports flagged payments for non-existent to vendors and consultants. However, the allegation came after Kumar, a veteran of the banking industry and former chairman of SBI, was accused of being biassed and prejudiced by Grover. Koladiya had called him for a meeting and was abusive with him over a verbal conversation adding that he reserves the right to take appropriate legal action, he stated in a telephonic conversation.
The company declines Grover’s claims that it had happened from Kumar’s residence, while the call between Grover and Koladiya was acknowledged by the company. BharatPe alleged that the audio clip shared by him does not relate to any “official communication” of the company with him, as the conversation between Grover and Koladiya was said to be a personal one. Amid backlash regarding his abusive language to a Kotak employee, toxic culture at BharatPe, and brash behaviour, Grover takes a leave of absence till the end of March. His wife, Madhuri Jain Grove was also sent on leave.
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