BharatPe Co-Founder and Managing Director, Ashneer Grover, who had lost an arbitration that he filed against BharatPe, on March 1 resigned from the fintech firm, effective immediately.
The company said in a statement, “Ashneer Grover resigned as Managing Director and from the Board Director of BharatPe minutes after receiving the agenda for upcoming Board meeting that included submission of the PWC report regarding his conduct and considering actions based on it. The Board reserves the right to take action based on the report’s findings,”
BharatPe board reserves the right to take action based on the report’s findings, the company said.
In his resignation letter, he said, “I hereby resign as the managing director 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.”
“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 of what is actually at stake – BharatPe,” Grover said in his resignation letter.
Last week, BharatPe had terminated the services of his wife Madhuri Jain Grover, head of controls at the fintech platform, for alleged financial irregularities during her tenure.
