BharatPe stripped Ashneer Grover of 1.4% equity shares worth Rs300 crores
Ashneer Grover, the co-founder of BharatPe, a fin-tech, was denied Rs 300 crore equity as he and his family were accused of committing financial fraud. This measure came just a day after he proposed his resignation.
“the Grover family and their relatives of engaging in misappropriation of company funds, including, but not confined to, creating fake vendors through which they drained money away from the company’s expense account.”
It also added that the company’s account was appallingly abused to fund their lavish lifestyle and enrich themselves.
The company also stated,
“To hold the highest governance standards, and in the light of the complaints received, the board of BharatPe directed a thorough review of the company’s internal controls. The extensive review is being led by a well-respected and independent external adviser.”
Sources told TOI,
“The 1.4% equity was to be vested with Grover, but pending his resignation without consent and other revelations, the process will not happen.”
This resulted in Grover losing 1.4% of his equity as his shares were being clawed back. Earlier, he held about 8.5% in the company, which was last valued at $2.9 billion.
Grover presented his resentment in a LinkedIn post and 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 the $1 million of secondary shares investors bought from me in Series-C, $2.5 million in series-D and $8.5 million in series-E. I would also want to learn who among Amarchand, PWC and A&M has started doing an audit on ‘lavishness” of one’s lifestyle?”
Edited By: Kiran Maharana
Published By: Shramana Sengupta