BharatPe founder Ashneer Grover: Founder Ashneer Grover, who is facing the crisis of exit from BharatPe, in an interview to Moneycontrol, made a strong attack on the CEO of the fintech company Suhail Sameer. Grover accused Sameer of colluding with the investors to sideline them. Along with this, there are signs of a complete breakdown of the relationship between them.
While Grover and the company have so far made efforts to publicly show cordial relations, their differences have come to the fore in the open and clear for the first time amid increasing scrutiny over the company’s governance and business practices. This seems to be correct, citing information from previous sources that the company is not keen on taking Grover back.
Grover’s wife also went on leave
While Grover went on leave till March due to hate speech against an employee of Kotak, BharatPe’s toxic culture and strict behavior, meanwhile his wife Madhuri Jain Grover also went on leave last week. Went. BharatPe’s board and external consultants are conducting forensic investigations into the company’s practices, including accounting, approval process, expenses and hiring.
I created value for them
During his 90-minute interview, Grover initially remained calm and then angrily called Sameer a puppet of investors, accusing him of a grand conspiracy to send him away and launch an investigation.
Founder Ashneer Grover will not be involved in the day-to-day business of BharatPe, will work on his personality: CEO Suhail Sameer
Grover said, “In the last round, he (Sameer) had sold ESOPs (Employee Stock Option Plans) worth Rs 11 crore. I created value for them, which was real value, not paper value. After doing everything and giving someone else complete freedom to do things, if you work in a different way and turn to investors when I needed you the most, it means you don’t like my confidence . Why should Puppet of investors be made my nominee on the board.”
Conflict between Suhail Sameer and Grover went public
Just a few weeks ago, Sameer publicly relied on him, saying there was “zero chance” of Ashneer exiting the company as he was an integral part of BharatPe. Now this conflict has come to the fore between them. Sameer had said that the idea of taking leave came from Grover’s side, which was later rejected by everyone including him and the board. However, seeing the controversy erupt, he accepted Grover’s suggestion to go on leave.
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I didn’t have the idea to go on vacation: Grover
However, in the interview, Grover contested this and insisted that the idea of going on leave till March was not his and instead he was manipulated by Sameer as well as the company’s general councilor Sumeet Singh.
Grover said, “Suhail and Sumeet Singh along with the investors put this idea in my mind on the basis of misrepresentation, so that they can achieve everything which I would not have been successful in having. They stood with all the investors and said, you should go.”
The board is probing many cases
Moneycontrol had earlier reported that the board was looking into the issue of possibly inflated invoices and some fake vendors. A source also revealed the possibility that when a merchant records a transaction, BharatPe may increase the value of the transaction.
Taking a jibe at the board’s handling of the audio clip leak, he said now it seems that he has become a liability for the company. He claimed that the board did not inform him about the appointment of management consultant and risk advisory firm Alvarez and Marshall and the recent appointment of PwC.
Ashneer Grover controversy: BharatPe to conduct independent audit to strengthen internal governance
Grover’s question, why is the talk of audit being leaked?
“If you (the board) are doing a proper audit, why is so much news leaking to the media? Have you heard of a company’s Governance Review, where the person doing the Governance Review makes a public announcement? This is a confidential process. Here the board comes out and says, We are getting this person reviewed. It’s clearly a way to build pressure.”
Questions raised on sending on temporary leave
He said, “What is this sending on leave of absence? Where is it defined? This was not mentioned in my SHA (shareholder agreement). It is not in the employee contract. Where did it come from then? You (the Board) said, there is a lot of ruckus about the Kotak issue. Kotak is no longer a case.”
Moneycontrol has contacted BharatPe regarding all the allegations against Grover.
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Controversy has increased since last two weeks
Grover has faced a lot of controversies in two weeks. However, on January 9, 2022, controversy escalated after Moneycontrol reported that Ashneer Grover and his wife had sent legal notices to Kotak Mahindra MD and CEO Uday Kotak and senior management. He had accused the bank of not securing financing and share allocation for the IPO launched by beauty firm Nykaa.
In response, Kotak alleged that Grover used inappropriate and threatening language in his interactions with his employees and he has the right to take legal action against him.
Moneycontrol had earlier reported that the board of directors of BharatPe – investors such as Sequoia India, Ribit Capital, Kotu Management and senior bankers such as former SBI chairman Rajnish Kumar and former Union Bank chairman Kewal Handa – unanimously discharged Grover. But the need to send was emphasized. They considered it as a personal issue and hence it was decided to send them on leave instead of firing them. Even though the dispute with Kotak is personal, Grover’s callous behavior has angered investors and senior employees in the past.
In late 2020, Consumer Goods Veteran Suhail Sameer joined BharatPe and became CEO. He was looking after the daily operations and Grover was assigned the task of fundraising and overseeing the big plans. Both Sameer and Grover have been on the board of BharatPe. Sameer and Bhavik Koladia will continue to look after the daily work.
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