New Delhi: The boardroom battle between Ashneer Grover and BharatPe directors is getting intensified on each successive day.
A day after Grover resigned from BharatPe, the fintech company removed him from all positions of the firm and also accused Grover and his family of extensive misappropriation of company funds.
According to latest reports, the company has stripped of 1.4 per cent equity shares worth Rs 300 crore as he and his family members were accused of committing frauds.
Last week, the firm had sacked Grover’s wife Madhuri Jain Grover, who was the head of controls at the fintech platform, for alleged financial irregularities during her tenure.
In an exclusive interview by ET, Ashneer Grover, the co-founder and former managing director (MD) of BharatPe, alleged that the governance review and audit of the fintech firm a ‘witch hunt’ that he did not want to be a part of anymore. In the interview, he castigated the board’s intention where he repeatedly accused the board members in framing false charges against him and his wife.
The video of the much talked about interview which is available in the YouTube shows how Grover played on front foot while answering the questions. The excerpts:
Call to quit
Ashneer Grover said that he has been pained by the ways things have been happening. “My view is that even if you have a dispute with someone, you have to sit down and thrash it out. You can’t be running the process, which is supposedly a ‘confidential process’, but everything gets leaked, to the extent of board minutes… I get to learn on appointments (of consultants and lawyers) from the media first, before it even comes as a resolution to be passed by the board,” he said.
On ESOPs
According to Grover, Rajnish Kumar (board chairman), Suhail Sameer (CEO), and Sumeet Singh (legal counsel) have negotiated ESOP terms better than all employees at BharatPe. “Their shares are being vested in 2 years, while Madhuri (Grover’s wife) and my shares are being vested in 4 years.”
On resignation
“The fact that you know the board meeting is today means everything is leaked. The letter is coming from a position of ‘pain’ and I have been writing it for the past three days. I was clear that I would send it on Monday night. The board is preempting what I’m doing, not the other way around. The board agenda came in at 11:54 pm last night so what preempted the board to hold a meeting at such a short notice,” Grover pointed out.
Message to board
Grover has challenged the board to televise the board meeting on national television. “I don’t have to hide anything… I am open to publishing my financial assets, my liabilities, all my holdings, all my bank account statements in the newspaper. And this is not just me, but for my wife (Madhuri Jain) and family members. Will Shailendra (Singh, Sequoia Capital) and Rajnish Kumar open their bank statements?” he asked.
Issue with Rajnish Kumar
Grover came down heavily on BharatPe board Chairman Rajnish Kumar, former SBI chairman. Grover alleged that Rajnish Kumar is not an independent director. And the press has been fed the wrong news. “Kumar carries Esops (stock options) in the company. Independent directors cannot hold Esops. I have some 100 messages with Rajnish Kumar about how things are getting leaked. Why? Because the board has told me to speak to Rajnish but he has no answer and he says it’s a ‘big organisation’ (hence the leaks),” he said.
Legal action
In the interview, Grover said that he will build his next big thing and that will be 100 per cent-owned by him only. “It will take time, but I will own my firm. My time is best spent in building things and not fighting.”
What’s next
Grover in his final question said that he is going to to learn from the likes of (Nithin) Kamath, Zerodha founder, and Bhavin (Turakhia) Zeta founder, on how to build a business, out of the limelight, and own 100 per cent of it. “I’m no longer interested in holding 10 per cent of a $10-billion firm and therefore become a billionaire. I want to become a billionaire by building a $1 billion company, in which I hold 100 per cent. I don’t want any institutional investors. In hindsight, I over trusted people. I will moderate how big I want to build my next venture. I will make it smaller, but I will only work with people whom I can trust 100 per cent. The mantra for me is loyalty over competence,” he added.