Bharatpe removes Ashneer Grover from all posts
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- “Grover is no longer an employee, founder or director of the company,” BharatPe said.
- “The Board will not allow the reprehensible conduct of the Grover family to tarnish the reputation of BharatPe,” it said.
- Grover resigned as Managing Director on Tuesday
Fintech firm BharatPe on Wednesday said it has removed co-founder Ashneer Grover from all positions at the company. BharatPe has also found involvement of the Grover family and relatives in the massive misappropriation of company funds.
“The Board will not allow the reprehensible conduct of the Grover family to tarnish the reputation of BharatPe or its hardworking employees and world-class technology. As a result of his misdeeds, Grover is no longer an employee, a founder or a director of the company,” BharatPe said in a statement on Wednesday.
Grover on Tuesday resigned as the Managing Director.
According to the statement, the Grover family and their relatives were engaged in extensive misappropriation of company funds, including but not limited to making counterfeit sellers, through which they siphoned money from the company’s account and the company’s expense accounts. grossly abused. To fund himself and his lavish lifestyle, it said.
In an emotionally charged letter addressed to the board of directors, Ashneer said on Tuesday that while they would not find a single act of inappropriate behavior against him, “I will not participate in your drama”.
“Since you clearly believe you can run this company better without me – I leave you with this challenge. Build even half of the value I have created – I use what you have so far.” I am leaving three times the money made to date,” Ashneer said.
“I will continue as the largest individual shareholder of the company,” he said.
(with inputs from agencies)