Ashneer Grover resigned, claiming that BharatPe authorities were trying to get rid of him. Ashneer Grover, a co-founder of the payment business, was fired from all responsibilities.

Until a dispute between the company’s co-founder and board members snowballed into a big controversy, the growth of Ashneer Grover and unicorn business BharatPe was seen as an encouraging Indian entrepreneurs’ success storey.

Until a dispute between the company’s co-founder and board members snowballed into a big controversy, the growth of Ashneer Grover and unicorn business BharatPe was seen as an encouraging Indian entrepreneurs’ success storey.

Ashneer Grover resigned after alleging that BharatPe officials were trying to get rid of him. For his alleged’misdeeds,’ the payment firm retaliated by removing Ashneer Grover from all roles and threatening to pursue additional legal action, including clawing back some of his stock.

RESIGNATION LETTER OF ASHNEER GROVER

Ashneer Grover, a co-founder of BharatPe, has stepped down as managing director and board director.

Grover unleashed a harsh attack on BharatPe authorities for allegedly targeting him in his resignation letter.

“I’m writing this with a heavy heart since I’m being forced to leave a firm that I founded today. With my head held high, I declare that this company is now a leader in the fintech industry “Grover wrote in his letter of resignation.

“Unfortunately, since the beginning of 2022, I’ve been the target of false and targeted attacks on myself and my family by a few individuals who are willing to hurt not just me and my reputation, but also the reputation of the firm, which purportedly they are attempting to safeguard,” he said.

IN THE COURT OF SINGAPORE

Grover filed a petition with the Singapore International Arbitration Centre (SIAC) to prevent a probe by the board of directors. Grover’s appeal, however, was denied by SIAC. Grover was forced to retire as a result of this setback.

THE WIFE OF ASHNEER GROVER HAS BEEN FIRED

BharatPe terminated the employment of Grover’s wife, Madhuri Jain, the ex-head of controls at the Indian fintech startup, based on claims of financial irregularities and money syphoning.

BHARATPE RETURNS

Grover resigned after seeing the agenda for a forthcoming board meeting, which includes submission of an independent audit regarding his conduct, according to BharatPe, which allows business owners to make digital payments through QR codes.

It claimed that “the Grover family and their relatives engaged in extensive misappropriation of company funds, including, but not limited to, creating fake vendors through which they syphoned money away from the company’s account and grossly abusing company expense accounts in order to enrich themselves and fund their lavish lifestyles.”

They argued that because Grover departed without the board’s or majority investors’ permission, the shareholder agreement’s implications had now been triggered, which might mean that the corporation is within its rights to recover back money.

IS THE FEUD OF ASHNEER GROVER-BHARATPE GOING TO CONTINUE?

Grover has a 9.5 percent investment in BharatPe, while co-founder Shashwat Nakrani has a 7.8 percent share. Sequoia Capital India, with a 19.6% interest, is the largest shareholder in BharatPe, followed by Coatue (12.4%) and Ribbit Capital (11%) respectively.

Grover was shocked, but not surprised, by the personal nature of the company’s message. “It stems from a place of personal animosity and scepticism,” he explained. “I’m curious as to who among Amarchand, PwC, and A&M has begun conducting a lifestyle audit on ‘lavishness.'” According to PTI.

Grover is said to have levelled many claims against BharatPe board members and Sequoia Capital, the company’s investor.

Grover has stated that if he begins speaking, Sequoia will be unable to make any investments in India, and that the ED and CBI will be behind them, according to PTI, citing a media report.