Ashneer Grover Hits Out at BharatPe CEO and Chairman, Says ‘Ab Nani Yaad Aayegi’

Ashneer GroverFounder and Former Managing Director of BharatPe, nearly a month after he stepped down from the board, hit back at Rajnish Kumar, the chairman and chief executive officer (CEO) of Suhail Sameer, the fintech company on Thursday. The embattled founder took to social media to comment on BharatPe’s first quarter results under the current leadership. “So I just heard that @bharatpeindia has closed the first quarter of ‘Degrowth’ and ‘Maximum Cash Burn’ under the able leadership of Rajnish Kumar and Suhail Sameer,” he wrote in a social media post.

Commenting on the inadequacies of the current board members of BharatPe, he said, ‘Chai chena and hutti driving are two different skills!’

Last month, the BharatPe board removed Grover from all posts after an audit report pointed to serious lapses in his governance. “As a result of his misdeeds, Mr. Grover is no longer an employee, founder or director of the company,” the board said in a statement. The move comes a day after Grover resigned from the post of Managing Director. A director on the company’s board amid a two-month-long dispute.

“Ab Nani Yaad Aayegi – the market is the final test and the truth,” Grover said on Thursday.

“I did what was right for the investors. I did what’s right for the company, that’s why I’m not here,” BharatPe CEO Suhail Sameer said recently. “…my job here isn’t to be a great friend. My job is to do what is right,” he added.

Ashneer Grover-BharatPe boardroom fight: All you need to know

The Ashneer Grover-BharatPe boardroom fight started after an audio clip surfaced online in which he allegedly misbehaved with an employee of Kotak Mahindra Bank. In January, a recording of a phone conversation went viral, in which a man, called Ashneer Grover, could be heard abusing an employee of Kotak Mahindra Bank as the initial public offering (IPO) for lender Nykaa. Allotment was missed. Firstly, the Managing Director of BharatPe claimed that the audio in a tweet on the social media platform was ‘fake’. He later deleted the tweet. On January 19, Grover went on a “voluntary leave of absence” until the end of March. Kotak Mahindra Bank has reportedly initiated a case against Ashneer Grover and his wife for using “inappropriate language” against its employees.

To investigate the matter, the fintech board launched an independent audit of its internal process and systems. It also appointed Alvarez & Marsal, a leading management advisory and risk advisory firm, to advise the board on its recommendations. The BharatPe board had earlier last month sacked founder Ashneer Grover’s wife and controlling head Madhuri Jain on charges of ‘misappropriation’, following reports from third-party auditors. Jain, in a social media post, has alleged a “witch-hunt” by BharatPe chairman Rajnish Kumar and others. However, he later deleted the tweet.

Grover family indulging in widespread misappropriation of funds: BharatPe Board

BharatPe’s board said in a statement, “The Grover family and their relatives have indulged in extensive misappropriation of company funds, including but not limited to making counterfeit sellers, through which they have withdrawn money from the company’s expenditure account.” and grossly misused the expenditure accounts of the company so that they can enrich themselves and raise funds for their lavish lifestyle.”

Ashneer Grover replied: It came from personal hatred

“I am shocked, but not surprised, by the personal nature of the company’s statement. It comes from a position of personal hatred and low thinking,” Grover responded to all allegations against himself and his family. “The only thing about me is my dreams and the ability to achieve them against all odds through hard work and enterprise,” she added.

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