A day after Ashneer Grover resigning from BharatPe, the company’s board said that he is no longer an employee, a founder, or a director of the fintech firm. “As a result of his misdeeds, Mr. Grover is no longer an employee, a founder, or a director of the company,” the board said in a statement. With BharatPe board hitting back at the co-founder with strong legal actions, the high end boardroom battle is not quite over yet. Ashneer Grover, the embattled founder of BharatPe had resigned as the the managing director and a director on the company’s board amid two-month long controversy. The decision to terminate Ashneer Grover came after a board meeting of BharatPe, scheduled on March 1. A report by the independent audit committee was discussed at the meeting.
BharatPe board claimed that Grover had resigned minutes after he had received “some of the results of the inquiry would be presented to the board.” “…he quickly shirked responsibility by sending an email to the Board submitting his resignation and fabricating another false narrative of the events to the public. The company has taken strong objection to Mr. Grover spinning lies and hurling baseless allegations and threats,” the board of the fintech firm wrote in a statement on Wednesday.
The company also mentioned about the “misappropriation of company funds” by Ashneer Grover and his family. “The Grover family and their relatives engaged in extensive misappropriation of company funds, including, but not limited to, creating fake vendors through which they siphoned money away from the company’s account and grossly abused company expense accounts in order to enrich themselves and fund their lavish lifestyles,” the statement mentioned.
BharatPe Co-founder Ashneer Grover Resigns, Says He has been ‘Vilified’
“When you wanted to leverage my personal network, you were very happy to do so – today I am being vilified and treated in the most disgraceful manner. You treat us Founders as slaves – pushing us to build multi-billion-dollar businesses and cutting us down at will. Investor-Founder relation in India is one of Master-Slave,” Grover wrote in his resignation letter.
BharatPe has fired Madhuri Jain, the head of controls by and wife of founder Ashneer Grover, on the charges of ‘misappropriation of funds’, earlier last month. Jain has alleged a “witch-hunt” by BharatPe chairman Rajnish Kumar and others in a social media post. She, however, deleted the tweet later.
Responding to Grover’s resignation, BharatPe board said that they “will not allow the deplorable conduct of the Grover family to tarnish BharatPe’ s reputation or that of its hard-working employees and world-class technology.”
BharatPe is a Team-Effort, Says Board
Grover also mentioned in his letter, “I have founded and built BharatPe into what it is today, and this identity, none of you can take away from me.”
“The success of BharatPe is a result of the collective effort of a large team of dedicated and talented professionals, and not any one individual,” the board replied.
“We are confident that the company is marking the beginning of a new chapter in its success–one grounded in trust and integrity–and we are excited to embark upon this next leg of our journey,” it added.
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