BharatPe cofounder Ashneer Grover
Amid the ongoing controversies at BharatPe, troubled co-founder Ashneer Grover quit the firm on Monday with immediate effect.
His resignation comes nearly a day after he lost an adjudication that he had filed with the Singapore International Arbitration Centre (SIAC). Grover had claimed that company’s investigation against him was illegal.
The Managing Director (MD) of BharatPe, Grover, who was fighting for his position in the company, was hit hard by the SIAC’s judgment which observed that there was no ground to stop governance review at the firm.
In his resignation letter, Grover wrote, “I hereby resign as the MD of BharatPe, effective immediately. I also resign as a director of the board. I will continue as the single largest individual shareholder of the company.”
Following allegations of fraudulent practices and the use of abusive language against Kotak Mahindra Bank staff, Grover went on a two-month leave of absence.
The emergency arbitrator that herd his case reportedly rejected all the five grounds of his appeal and denied a single relief to him.
Notably, Grover had pleaded that the initial investigations were not valid as it violated shareholder agreement and articles of association and the company had no authority to conduct such an investigation.
