Ashneer Grover, stripped of co-founder tag by BharatPe 

Date:

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. 

BharatPe accused

“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. 

https://www.linkedin.com/posts/ashneer_i-am-appalled-at-the-personal-nature-of-the-activity-6904708060342829056-LB9f 

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?” 

Ashneer Grover, stripped of co-founder tag by BharatPe
Image Source: The Economic Times

Edited By: Kiran Maharana

Published By: Shramana Sengupta

Sponsored

Amisha Rampal
Amisha Rampal
If you want to teach something, weave it in the form of a story that everyone remembers. A good story can teach you something, while a remarkable story helps you write your own. In the world, where everything changes in the blink of an eye, I want to leave a legacy that remains unchanged. Being an undergrad student of economics, analysing situations from different perspectives and finding solutions backed by reasons comes as second nature to me. I also believe myself to be an animal lover and feminist, and actively vocalise about their rights and issues.

Author
Latest

Technology

Business

Entertainment

Share post:

Subscribe

World News

Editor's Choice

Attars are fragrances in the form of essential oils which are derived from botanical sources such as flowers, herbs, barks, and spices. These essential oils are extracted through the process of steam or hydro distillation. They are helpful in healing the body and healthcare. History of Attar It is believed that in ancient times the royals used to use these perfumes...

Popular