BharatPe Co-Founder Ashneer Grover has resigned as Managing Director and Board Director, the digital payments firm said on Tuesday.
BharatPe Co-Founder Ashneer Grover has resigned as Managing Director and Board Director, the digital payments firm said on Tuesday. "Ashneer Grover resigned as Managing Director and from the Board Director of BharatPe minutes after receiving the agenda for (an) 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," the fintech firm said in a statement.
Here's Your 10-Point Cheatsheet To This Big Story:
1)Previously, Mr Grover had filed an arbitration plea with the Singapore International Arbitration Centre (SIAC) claiming the company's investigation against him was illegal. The SIAC, though, rejected his plea, giving him no relief in the matter.
2)This comes days after BharatPe sacked his wife Madhuri Jain Grover for alleged financial irregularities ranging from producing fake invoices to billing the company for personal beauty treatment and trips abroad.
3)Stock options vested with Ms Madhuri were also cancelled. It was alleged that she had used the company's funds for personal beauty treatments, buying electronic items and family trips to the US and Dubai.
4)Earlier in the day, Mr Grover sent a letter to the BharatPe Board and 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."
5)Amid growing concerns over governance issues, BharatPe had conducted an independent audit of its internal process and systems.
6)He and his wife had accused the Kotak Bank of reneging on a promise to get him shares worth ₹ 500 crore when Nykaa's initial public offering (IPO) was launched.
7)Kotak Bank has in turn alleged in legal documents that Mr Grover used "foul" and threatening language towards its employees. Mr Grover was then sent on voluntary leave of absence.
8)After that, BharatPe has come under intense scrutiny since Mr Grover sought damages from Uday Kotak, alleging Kotak Mahindra Bank declined to finance a personal investment.
9)It all started when an audio clip emerged, in which Mr Grover was allegedly heard threatening an employee of Kotak Wealth Management over his failure to secure financing for Nykaa's initial share sale.
10)She was the Head of Controls in BharatPe.
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