Ashneer Grover resigns from BharatPe board amid boardroom battle

Ashneer Grover, the embattled founding father of fintech unicorn BharatPe, has resigned because the managing director and a director on the corporate’s board, based on a supply near the event.

Enterprise Customary has reviewed his letter of resignation.

This comes amid a tussle within the firm the place Grover has discovered himself on the alternative aspect of the Board, key buyers within the firm and his co-founders.

“I write this with a heavy coronary heart as at present I’m being compelled to bid adieu to an organization of which I’m a founder. I say with my head held excessive that at present this firm stands as a pacesetter within the fintech world. Because the starting of 2022, sadly, I have been embroiled in baseless and focused assaults on me and my household by a number of people who’re prepared not solely to hurt me and my repute but additionally hurt the repute of the corporate, which ostensibly they’re attempting to guard,” Grover has written in his resignation letter.

“From being celebrated because the face of Indian entrepreneurship and an inspiration to the Indian youth to construct their very own companies, I’m now losing myself combating a protracted, lonely battle in opposition to my very own buyers and administration. Sadly, on this battle, the administration has misplaced of what’s truly at stake – BharatPe,” he added.

Enterprise Customary has written to the corporate in search of a affirmation and can replace this text as quickly as a response is acquired.

In the meantime, the Singapore Worldwide Arbitration Middle (SIAC) has refused to grant emergency aid to Grover from a governance evaluate being performed by the corporate, based on sources.

Earlier this month, he had filed an arbitration plea earlier this month to cease a probe into alleged monetary mismanagement within the firm. The BharatPe MD, who went on depart final month until March-end, can also be stated to be in search of indemnity in opposition to future motion by the corporate via the plea.

The corporate and Grover are additionally reportedly in talks to settle the matter by shopping for out the latter’s stake within the unicorn. Grover’s stake of 9.5 per cent within the firm was price Rs 1,915 crore primarily based on the final funding spherical in August, when BharatPe was valued at $2.8 billion.

“Whereas I preserve that you’ll not discover a single act of imppropriety in opposition to me, I can’t be taking part in your charade. Because you clearly consider you possibly can run this Firm higher with out me – I’m leaving you with this problem,” he stated in his resignation letter.

“Construct incrementally even half of the worth I created up to now – I’m leaving you with thrice the funds I’ve utilized until date… I’ll proceed as the one largest particular person shareholder of the corporate,” he added.

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