Ashneer Groverthe founder and former managing director of BharatPehit back at Rajnish Kumar, chairman and Suhail Sameer chief executive officer (CEO) of the fintech company on Thursday, almost a month after his exit from the board. The embattled founder took social media to comment on the first quarter results of BharatPe under the current leadership. “So I just heard @bharatpeindia closed it’s first quarter of ‘degrowth’ and ‘maximum cash burn’ under able (sic) leadership of Rajnish Kumar and Suhail Sameer,” he wrote in a social media post.
Commenting on the inadequacy of present board members of the BharatPe, he added, ‘Chaabi chheenna and hatti chalana do alag alag skills hai!’
Last month, BharatPe board stripped Grover of all the positions after an audit report pointed out grave governance lapses under him. “As a result of his misdeeds, Mr. Grover is no longer an employee, a founder, or a director of the company,” the board said in a statement. This move came a day after Grover had resigned as the the managing director and a director on the company’s board amid two-month long controversy.
“Ab Nani yaad aayegi – markets are the ultimate test & truth,” Grover said on Thursday.
“I did what is right for the investors. I did what is right for the company, isn’t that why I am here,” BharatPe CEO Suhail Sameer said recently. “…my job here is not to be a great friend. My job is to do what is right,” he added.
Ashneer Grover-BharatPe Boardroom Battle: All you Need to Know
Ashneer Grover-BharatPe boardroom battle started after an audio clip had surfaced online where he had allegedly abused an employee of the Kotak Mahindra Bank. In January, a recording of phone conversation went viral in which a man, alleged to be Ashneer Grover, could be heard abusing an employee of Kotak Mahindra Bank after the lender had missed out on the initial public offering (IPO) allotment for Nykaa. At first, BharatPe managing director claimed the audio was ‘fake’ in a tweet on social media platform. Later, he deleted the tweet. On January 19, Grover went for a “voluntary leave” of absence until the end of March. Kotak Mahindra Bank allegedly initiated a case against Ashneer Grover and his wife for using “inappropriate languages” against their employees.
To investigate the matter, the fintech board launched an independent audit of its internal process and systems. It also appointed Alvarez and Marsal, a leading management consultant and risk advisory firm to advise the board on its recommendations. Following the reports by the third-party auditors, BharatPe board, then sacked Madhuri Jain, the head of controls by and wife of founder Ashneer Grover, on the charges of ‘misappropriation of funds’, earlier last month. Jain has alleged a “witch-hunt” by BharatPe chairman Rajnish Kumar and others in a social media post. She, however, deleted the tweet later.
Grover Family Engaged in Extensive Misappropriation of Funds: BharatPe Board
In a statement, BharatPe board said, “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 expense account and grossly abused company expense accounts in order to enrich themselves and fund their lavish lifestyles.”
Ashneer Grover Replied: It Came from Personal Hatred
“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,” replied Grover to all the allegations against him and his family. “The only thing lavish about me is my dreams and ability to achieve them against all odds through hard work and enterprise,” he added.
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