This is what Ashneer Grover had to say after BharatPe stripped him off founder title and alleged misappropriation of funds

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This is what Ashneer Grover had to say after BharatPe stripped him off founder title and alleged misappropriation of funds
Ashneer Grover, former founder and managing director of BharatPeBharatPe
  • BharatPe has stripped Ashneer Grover off the title of the company’s founder.
  • The company has alleged that Grover and his family were engaged in “misappropriation of company funds”.
  • The company is now considering taking legal action against Grover on these allegations.
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BharatPe has stripped Ashneer Grover off the title of the company’s founder, alleging that he and his family were engaged in “misappropriation of company funds”. Grover, as expected, has not taken this well and alleged that the company’s claims come from a position of “personal hatred and low thinking”.

In a statement, Grover said, “I am appalled at the personal nature of the company’s statement, but not surprised. It comes from a position of personal hatred and low thinking. I think the Board needs to be reminded of $1M of secondary shares investors bought from me in Series C, $2.5M in Series D and $8.5 M in Series E.”

“I would also want to learn who among Amarchand, PWC and A&M has started doing audit on ‘lavishness’ of one’s lifestyle ? The only thing lavish about me is my dreams and ability to achieve them against all odds through hard work and enterprise. I hope the Board can get back to working soon - I as a shareholder am worried about the value destruction. I wish the Company and the Board a speedy recovery,” he further noted.

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The development comes only a day after Ashneer Grover resigned from his position as the managing director and member of the board of BharatPe.

It all started with a leaked audio, where Grover was allegedly heard hurling abuses at a Kotak Mahindra Employee for not being able to finance Nykaa’s IPO allotment for him and his wife Madhuri Jain.

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In January, Grover was sent on a voluntary leave till the end of March, 2022, and the board of BharatPe decided to conduct an independent audit of the company’s internal processes and systems of the company. The preliminary audit had revealed certain fraudulent transactions in recruitment and payments to non-existent vendors.

Grover’s wife Madhuri Jain’s name was being linked to these transactions. You can read the series of events that led to Grover’s resignation here.

BharatPe earlier today alleged that Grover resigned minutes after receiving a notice that some of the results of the inquiry would be presented to the board of the company. “He quickly shirked responsibility by sending an email to the Board submitting his resignation and fabricating another false narrative of the events to the public,” BharatPe said in a statement.

“The Grover family and their relatives engaged in extensive misappropriation of company funds, including, but not limited to, creating fake vendors through which they siphoned money away from the company’s account and grossly abused company expense accounts in order to enrich themselves and fund their lavish lifestyles. The company reserves all rights to take further legal action against him and his family,” BharatPe said.

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