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‘Being forced to bid adieu’: Ashneer Grover resigns as BharatPe MD

'Being forced to bid adieu': BharatPe co-founder Ashneer Grover quits firm


‘Being forced to bid adieu’: Ashneer Grover resigns as BharatPe MD

BharatPe Co-Founder Ashneer Grover on Tuesday resigned from the fintech firm and its board. Grover’s resignation comes a day after his arbitration plea challenging BharatPe’s internal probe against him was junked by Singapore International Arbitration Centre {SIAC). In an email addressed to the company’s board Tuesday midnight, Mr Grover said, “I hereby resign as the managing director of BharatPe, effective immediately. I also resign as a director of the Board. I will continue as the single largest individual shareholder of the company.”

“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.”

Grover also said that he is wasting himself fighting a long, lonely battle against investors and management.

He also stated that “from being celebrated as the face of Indian entrepreneurship he is now wasting his time fighting a long, lonely battle against his own investors and management. Unfortunately, in this battle, the management has lost what is actually at stake – BharatPe.”

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This comes days after BharatPe sacked his wife Madhuri Jain Grover for alleged financial irregularities ranging from producing fake invoices to billing the company for personal beauty treatment and trips abroad. She called the ongoing governance review an “eyewash and means to an end”.

Grover took a voluntary leave of absence from the company on January 19, and soon after that, the Board appointed an independent audit of the firm’s internal process. Also, Grover has been accused of financial fraud and the fintech board has initiated a complete audit of the governance processes.

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