INSUBCONTINENT EXCLUSIVE:
This comes days after BharatPe sacked Ashneer Griver's wife Madhuri Jain Grover.New Delhi:
BharatPe Co-Founder
Ashneer Grover has resigned as Managing Director and Board Director, the digital payments firm said on Tuesday
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." He also said, "Since the beginning of 2022, unfortunately, I've been embroiled in
baseless and targeted attacks on me and my family by a few individuals who are ready not only to harm me and my reputation but also harm the
reputation of the company, which ostensibly they are trying to protect."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.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.She was the Head of Controls in BharatPe.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.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.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.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.He and his wife had accused the Kotak Bank of reneging on a promise to get him shares
worth Rs 500 crore when Nykaa's initial public offering (IPO) was launched.Amid growing concerns over governance issues, BharatPe had
conducted an independent audit of its internal process and systems.
