Appalled but not surprised: Ashneer Grover on BharatPe's statement

The fintech platform removed Grover from all positions in the company

e4m by exchange4media Staff
Published: Mar 2, 2022 3:13 PM  | 4 min read
Ashneer Grover

Ashneer Grover resigned as Managing Director (MD) and Board Director of BharatPe on Tuesday. In a strongly-worded statement, Grover said, "I am appalled at the personal nature of the company’s statement, but not surprised. It comes from a position of personal hatred and low thinking. I think the Board needs to be reminded of $1M of secondary shares investors bought from me in Series C, $2.5M in Series D and $8.5 M in Series E. I would also want to learn who among Amarchand, PWC and A&M has started doing audit on ‘lavishness’ of one’s lifestyle?"

"The only thing lavish about me is my dreams and ability to achieve them against all odds through hard work and enterprise. I hope the Board can get back to working soon - I as a shareholder am worried about the value destruction. I wish the Company and the Board a speedy recovery", he added.

In a letter addressed to the Board on Tuesday, he wrote, "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." The fintech company lashed out at Grover for hurling baseless allegations and threats against the company. Grover expressed shock over the allegations and issued a statement saying 'he is appalled but not surprised'.

On Wednesday, the Fintech platform removed Grover from all positions in the company. The company alleged that Grover and his family were 'engaged in extensive misappropriation of company funds and, as a result, he is no longer an employee, a founder, or a director of the company. In its statement, BharatPe said that it reserves the right to take further legal action against Grover and his family.

"Ashneer Grover resigned as Managing Director and from the Board Director of BharatPe minutes after receiving the agenda for upcoming Board meeting that included submission of the PWC report regarding his conduct and considering actions based on it. The Board reserves the right to take action based on the report's findings," BharatPe said in a statement.

The statement from the company read, "BharatPe is fully committed to its employees and customers and looks forward to its continued success as a Fintech leader in India. In order to uphold the highest governance standards, and in light of complaints received, the Board of BharatPe directed a thorough review of the company’s intemal controls. This extensive review is being led by well-respected and independent external advisors."

"Minutes after Mr. Ashneer Grover received notice that some of the results of the inquiry would be presented to the Board, he quickly shirked responsibility by sending an email to the Board submitting his resignation and fabricating another false narrative of the events to the public. The company has taken strong objection to Mr. Grover spinning lies and hurling baseless allegations and threats, The Grover family and their relatives engaged in extensive misappropriation of company funds, including, but not limited to, creating fake vendors through which they siphoned money away from the company’s expense account and grossly abused company expense accounts in order to enrich themselves and fund their lavish lifestyles."

The company reserves all rights to take further legal action. The Board will not allow the deplorable conduct of the Grover family to tarnish BharatPe’s reputation or that of its hard-working employees and world-class technology. As a result of his misdeeds, Mr. Grover is no on, or a director of the company. The Board remains highly focused on supporting the growth and continued success of the company. The Board is taking all necessary steps to further strengthen the company’s corporate governance, including the appointment of an audit committee, an intemal auditor, and the implementation of other key intemal controls. The success of BharatPe is a result of the collective effort of a large team of dedicated and talented professionals, and not any one individual. We are con that the company is marking the beginning of a new chapter in its success-one grounded in trust and integrity-and we are excited to embark upon this next leg of our journey."

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