Ashneer Grover, the former managing director of BharatPe, has been permanently retired from the company. However, the ongoing battle over shares between him and Bhavik Koladiya does not seem to be ending soon. English business news website Economic Times has reported that the company’s board will not interfere in this fight over shares between Grover and Coladia. What is the reason for this controversy? When did this issue start? Let us try to know the answers of both the questions.
Grover resigned from BharatPe last week. Actually, BharatPe was started by Ashneer Grover and Bhavik Koladia together. Koladia was found guilty in a case related to credit card fraud in the US. After this he was removed from the active role in Resilient Innovation, the parent company of BharatPe. He was giving his services to BharatPe as a consultant. His stake in BharatPe was divided between Grover and another co-founder of the company, Shashwat Nakrani.
Grover currently holds 8.5 per cent stake in BharatPe. According to ET news, Colladia holds about 4 per cent of Grover’s total stake in the company. Koladia is taking legal advice in the matter. At the time of raising funds of $ 370 million in August 2021, the valuation of BharatPe was pegged at $ 2.8 billion. Estimated to exceed Rs.40,000 crore in Rs.
Grover is said to be looking for a buyer to sell his stake in BharatPe. But, so far they have not received much response from the investors. It is believed that investors are not showing interest in buying shares due to BharatPe and its related controversy. After suddenly resigning from the post of MD of the company, Grover will also have to lose the restricted shares. It is said that the company will take back the shares offered to him. In this way, Grover can suffer a loss of about Rs 100.
Grover was forced to leave his company in a very bad way. In fact, after the news of corruption in BharatPe came out, the company’s board and big investors turned against Grover. Investigation found that Grover’s wife and company’s senior executive Madhuti Jain Grover had misappropriated the company’s money. He was also accused of misappropriation of company funds. After this Madhuri was removed from the company. Then, just before the board meeting, Grover sent his resignation to the board.
Currently, Sequoia Capital holds the highest 20 per cent stake in BharatPe. Other big investors include Insight Partners and Ribbit Capital. He holds around 10-10 per cent stake in the company. Former SBI chairman Rajnish Kumar is currently the chairman of the board of BharatPe. It is said that the board of Bharatpe had decided to take action against Grover. But, before that Grover resigned from the company.
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