Amidst an ugly business battle with the firm’s board of directors, Ashneer Grover, the renowned founder of fintech startup BharatPe, has resigned from his positions as managing director and director of the company. A letter to the company’s management stated that Grover had been “vilified” and treated with “the utmost disdain” from the beginning of the year and the top five reasons Why Ashneer Grover Resigned from BharatPe board
Grover’s resignation comes only days after the SIAC dismissed his emergency petition challenging the company’s current ‘governance review.’ Earlier this month, he filed an arbitration motion to halt an investigation into the company’s alleged financial misconduct. Additionally, he is seeking indemnification from the corporation through the plea.
The letter
Meanwhile, according to Hindu BusinessLine, BharatPe claims that Grover’s resignation occurred minutes after he got the schedule for a board meeting that would involve the submission of a PWC report examining Grover’s conduct, as well as consideration of possible steps in response to the report.
Grover said that the investor-founder relationship in India is one of “master-slave,” and that he is “the rebel slave who must be hanged from the tree so that none of the other slaves would dare to be like me ever again,” in a letter to the editor.
Grover, who is confident that the investors would not uncover a single instance of misconduct against him, has also stated that he will not take part in the alleged hoax in any way.
Five reasons Why Ashneer Grover Resigned from BharatPe board
- Earlier this month, an audiotape purportedly showing Grover swearing at a Kotak Bank employee leaked. Even though he stated that the clip was fabricated, the bank indicated that it would pursue legal action against him over it.
- Grover took a two-week leave of absence and won’t be back until the end of March of his own. This occurred as a result of a correspondence between Grover and Sequoia (BharatPe’s main stakeholder), in which the two parties’ divergent views were laid bare.
- BharatPe hired outside auditors in January to investigate Grover’s activities. In February, Alvarez & Marsal issued a preliminary report accusing Madhuri of financial misconduct. On the 23rd of February, BharatPe fired Madhuri for allegedly misappropriating company funds.
- Her husband had attacked Rajnish Kumar, a BharatPe investor when she was removed. A few hours after that tweet went up, Madhuri also rushed to Twitter to call out CEO Suhail Sameer and co-founders Shashvat Nakrani and Bhavik Koladiya for engaging in “drunken orgies” and treating women like things. She was accused of misappropriating business cash for personal beauty treatments, electronic purchases, and family visits to the United States and Dubai.
- Allegedly Grover reportedly asked investors for a settlement of $4,000 million in exchange for his ownership and his departure from the firm.