Ashneer Grover resigns as BharatPe MD and director after long boardroom clash

Following a long tussle, BharatPe co-founder Ashneer Grover has now resigned as MD and director of the fintech company. Having been engaged in a battle with the board of BharatPe, Grover has now handed in his resignation only days after his wife Madhuri Jain Grover was terminated as the head of controls on allegations of funds misappropriation. Grover recently lost an arbitration that he had filed against the company's investigation against him, with an emergency arbitrator holding that there was no ground to stop governance review at the fintech firm. 

Ashneer Grover filed his resignation and bid adieu to the fintech company after a long power tussle. In his letter of resignation to the board, Grover said that he was embroiled in baseless and targeted attacks. "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,” the outgoing director wrote in his resignation letter.  

“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 what is actually at stake – BharatPe,” he added.

'Challenge for BharatPe' as Ashneer Grover resigns

BharatPe cofounder Grover’s sacking comes after he lost an emergency arbitration plea challenging the firm's decision to conduct a governance review on him. The plea was rejected by the Singapore International Arbitration Centre (SIAC). Meanwhile, the company is also reportedly in talks to buy out the outgoing cofounder’s stake in the unicorn. Grover’s stake of 9.5 per cent in the company, at a worth Rs 1,915 crore based on the last funding round in August makes him the largest individual shareholder.

“While I maintain that you will not find a single act of impropriety against me, I will not be participating in your charade. Since you clearly believe you can run this Company better without me – I am leaving you with this challenge,” he said in his resignation letter. “Build incrementally even half of the value I created so far – I am leaving you with three times the funds I’ve utilised till date... I will continue as the single largest individual shareholder of the company,” he added.

Grover had earlier run into controversy since the emergence of an audio clip in which he is allegedly heard threatening an employee of Kotak Wealth Management over his failure to secure financing for Nykaa's initial share sale. Following this, Grover was sent on voluntary leave of absence for two months in January.

(With ANI inputs)

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