BharatPe‘s co-founder and managing director Ashneer Grover, has quit from his own company which he built, just days after his wife and the company’s head of controls, Madhuri Jain Grover, fired over suspected financial irregularities.
Ashneer Grover Resignation letter
Grover has submitted a stinging resignation letter to the board of directors.
He claimed that a few people were targeting him and that he was “vilified and abused in the most horrible manner.”
“I’m writing this with a heavy heart since I’m 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 financial industry.”
“From being hailed as the face of Indian entrepreneurship and an encouragement to Indian youth to start their own enterprises, I’m now squandering my time fighting a long, lonely war with my own investors and management.” Unfortunately, the management has lost sight of what is really at risk for Bharat Pe in this war.
Timeline of Events that led to Ashneer Grover’s Resignation from Bharat Pe
- Grover allegedly used expletives against a Kotak Bank employee in an audio clip that surfaced in early January. While he claimed the clip was a forgery, the bank stated that it would pursue legal action.
- BharatPe hired outside auditors to examine the company’s activities under Grover later in January. In February, the law firm Alvarez & Marsal issued a preliminary report accusing Madhuri of financial misconduct.
- Grover took a two-week leave of absence, which he extended until the end of March. This occurred after an email exchange between Grover and Sequoia (BharatPe’s major shareholder) surfaced, showing the two sides’ differences. Grover’s wife, Madhuri, was also forced to take a leave of absence.
- Grover’s emergency request to stop the ongoing governance assessment was denied by the Singapore International Arbitration Center (SIAC) last week.
- Ashneer Grover resigned on March 1st 2022 after a few days back her wife’s termination
Bharat Pe’s Future
The Board of BharatPe intended to terminate Grover’s employment and divest him of a portion of his shareholding by invoking specific articles in the shareholders agreement. The fact that Grover has stated that he will retain his interest in the company even after stepping down as CEO suggests that negotiations about the company acquiring Grover’s stake may fizzle out. Grover owns 9.5 percent of BharatPe at the moment.
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Hi there! I’m Akash. I was born and raised in Bengaluru, India. I am a freelance content writer and a blogger. I am currently a student studying at a prestigious law school in India. I am an avid reader and writer.