Grover and his family members are accused of extensive money laundering, and BharatPe will take legal action against them. According to the company’s Board of directors, Ashneer Grover Resigned from BharatPe and he was found guilty of misappropriating company funds, opening a new front in the feud between the two sides.
Ashneer Grover Resigned from BharatPe
Grover has been terminated from his job, he is no longer a director or a founder, and the company plans to bring legal action against him.
Grover will likely lose around 1.4% of his total restricted shares, sources privy to the development told to the sources. Grover did not comment on the action it intended to take.
In a statement issued following a longboard meeting, BharatPe said that Mr. Ashneer Grover, after being notified that some inquiry results will be presented to the Board, gave yet another false account of events.
About Grover’s interviews in which he launched direct attacks against Rajnish Kumar, as well as investors like Sequoia, the company said, “We oppose his spinning lies, hurling baseless allegations and threats.”
What is Ashneer Grover’s Status Now?
The former CEO of one of India’s youngest companies says he will consider companies founded by founders who are 100 percent owners of their company. Grover controls BharatPe.
“The people like Turakhias (Bhavin) and Nitin (of Zerodha) who are courageous and willing to build companies with 100% ownership inspire me now. I’m still working on it. I want to build it myself and not let others control it,” he said.
In addition to Grover’s resignation, his wife was also terminated as head of controls at BharatPe. He pointed to a two-page resignation letter that claimed he and his family were the targets of a series of baseless, targeted attacks.
Among the criticisms made in the letter are accusations that investors are mistreating founders by treating them as enslaved. The letter says: “I am the rebel slave who must be hung by the tree so that every other slave will never have the same purpose as mine,” the message reads. “In India, entrepreneurs are treated like slaves. Investors have us build billion-dollar businesses at their whim and then cut us down at their will.” Investor-founder relations are like those of master and enslaved person.
Grover challenged BharatPe’s governance review decision in an emergency arbitration submission, but SIAC rejected the case. As Grover wrote in his resignation letter, “I am wasting my time fighting a long, lonely battle against my investors and management and losing my place as the face of Indian capitalism.”. Unfortunately, the management has lost sight of what is really at stake – BharatPe.”
Ashneer Grover Response to allegations
When asked about the company’s statements, Grover said: “I am horrified by the personal nature of their statements, but I am not surprised by those. They are statements of hate, low thinking, and personal misery. I need to remind the Board of investors who bought $1 million from me in Series C, $2 million in Series D, and $8.5 million in Series E.”
A&M, Amarconda, and PWC have all started doing audits on the ‘luxury’ of one’s lifestyle. Who among them is doing audits on that as well? My dreams and my ability to live them are the only things that make me extravagant,” he said. BharatPe’s Board of directors was notified by Grover’s resignation letter that he resigned as managing director and board member.
The Board of BharatPe “disbanded” Grover, Grier wrote in a letter in response to their “vested interests.” He also said the current developments were a “game of egos being played out in the media under the guise of good governance.” In addition, Grovers alleged that using the “investor template” to render an “unwanted” founder inactive is a means of making the founder “the villain.”
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