Ashneer Grover, who earlier lost an arbitration that he filed against BharatPe, resigned from the fintech firm as managing director today.
Grover had filed an arbitration with the Singapore International Arbitration Centre challenging BharatPe’s decision to conduct a governance review.
In his resignation letter to the board, Mr. Gorver 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 they are ostensibly trying to protect.’
‘Build incrementally even half of the value I created so far – I am leaving you with three times the funds I’ve utilized till date. 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,” he said.Grover’s resignation comes days after the company’s board sacked his wife Madhuri Jain Grover over alleged financial irregularities. She called the ongoing governance review an “eyewash and means to an end,’ Mr. Grover added in his statement.
Mr. Grover took a voluntary leave of absence from the company on January 19, as the company board appointed an independent audit of the firm’s internal processes.
Also, Grover has been accused of financial fraud and the fintech board has initiated a complete audit of the governance processes.
BharatPe was co-founded by Ashneer Grover and Shashvat Nakrani in 2018, and has been the poster child of ‘unicorn growth’ in the burgeoning Indian fintech sector.
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