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BharatPe co-founder Ashneer Grover resigns amid boardroom battle

BharatPe co-founder Ashneer Grover resigns amid boardroom battle

New Delhi: Ashneer Grover, co-founder of financial technology firm BaharatPe, resigned from the company's board as managing director and chief executive officer (CEO) on Tuesday.

In his resignation letter Grover said that he was forced to resign from the company by its investors.

In a letter addressed to the BharatPe board, he said, "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."

Mr Grover 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."

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.

Ashneer Grover was sent on leave following allegations of using abusive language against Kotak Mahindra Bank staff and fraudulent practices, which he has denied.

Mr Grover and his wife had accused the bank of reneging on a promise to get him shares worth ₹ 500 crore when Nykaa's initial public offering (IPO) was launched.

He had filed an arbitration plea with the Singapore International Arbitration Centre (SIAC) claiming the company's investigation against him was illegal. The SIAC, though, rejected his plea, giving him no relief in the matter.

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