BharatPe to take action against Ashneer Grover for his conduct

Hours after ex-BharatPe Managing Director, Ashneer Grover tendered his resignation to the company board, the fintech company said that it reserves the right to take action based on the report findings.
 
“Ashneer Grover resigned as Managing Director and Board Director of BharatPe minutes after receiving the agenda for upcoming Board meeting that included submission of the PWC report regarding his conduct and considering actions based on it,” the company told BusinessToday.In in response to a query.

The company has been conducting a governance review and has roped in risk advisory firm Alvarez and Marsal, consulting firm PwC and law firm Shardul Amarchand Mangaldas and Co, to probe into alleged funds misappropriation and corporate governance issues under Grover.
 
Earlier Grover shot a letter to the Bharat Pe board which said, "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. I say with my head held high that today this company stands as a leader in the fintech world. 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.

From being celebrated as the face of Indian entrepreneurship and an inspiration to the Indian youth to build their own businesses, I am now wasting myself fighting a long, lonely battle against my own investors and management. Unfortunately, in this battle, the management has lost sight of what is actually at stake – BharatPe.”
 
BusinessToday.In earlier reported that BharatPe board decided to terminate the services of Grover, especially on account of the serious charges of funds misappropriation, which includes GST evasion, leading to BharatPe to pay over Rs 11 crore after raids were conducted by the Directorate General of GST Intelligence (DGGI) at the fintech's head office and issued summons to the company’s authorised signatory to appear before the authority on November 1, 2021