Ashneer Grover, the presenter of Shark Tank India, wants to dismiss his BharatPe CEO
- ByStartupStory | February 5, 2022
Ashneer Grover, co-founder and managing director of BharatPe, has requested that chief executive Suhail Sameer be removed from the board of directors, in the latest of a sequence of unexpected events at the Tiger Global-backed Indian fintech firm.
BharatPe, which is valued at $2.85 billion and also was recently looking to attract a fresh fundraising round at a valuation of $4.5 billion, is one of India’s fastest-growing fintech businesses. Offline retailers may use the company’s services to receive cashless transactions and secure operating cash.
Grover, who is the focus of an ongoing inquiry whose preliminary findings imply fraud, requested Sameer’s removal from the board in a letter to shareholders on Wednesday, though he did not justify it. BharatPe did not release a statement for comment right away.
Grover, a “shark” on the Indian version of Shark Tank, announced last month that he would be taking a two-month leave of absence after an accusation audio clip of a man flinging abusive and life-threatening remarks over a phone conversation to a Kotak Bank manager about not being able to get financing to buy shares in apparel e-commerce Nykaa’s IPO surfaced on Twitter. Also, he slammed the audio message in a tweet that he later removed.
After that, A preliminary investigation by Alvarez and Marsal (A&M) commissioned of BharatPe’s board discovered fraudulent activities, including payments to non-existent suppliers and inconsistencies in invoices fabricated to verify spending.
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