Sometimes a small mistake of yours can completely change your life. Something similar happened with Shark Tank India judge Ashneer Grover. Ashneer Grover was very aware that in the business that Paytm and Phonepe had started, he had overtaken with BharatPe in that business. But what happened suddenly that now Ashneer Grover will not be able to be called the founder of BharatPe. He has been removed from every position and position in the company. Not only this, his wife Madhuri Jain Grover has also been fired from the company. She was the Head of Controls in the company.
BharatPe’s board has accused Ashneer Grover and his wife Madhuri Jain of misappropriating company money and committing fraud based on the Corporate Governance report. A statement issued by the company said, “Ashneer Grover and his family members have cheated the company’s funds. They have made payments to fake vendors and have used the company’s money for their personal purposes.”
Interestingly, Ashneer Grover kept saying earlier that he would not leave the company. In lieu of leaving the company, he was demanding Rs 4000 crore. But on the midnight of March 1, he tendered his resignation to BharatPe. Even after resigning, BharatPe did not spare Ashneer Grover. Within a day of his resignation, he was removed from every position of the company including the founder. The company also refused to give the restricted shares issued to Ashneer Grover. Not only this, BharatPe has also talked about starting a legal battle against Ashneer Grover.
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Giving his resignation, Ashneer Grover wrote that the investors and board of BharatPe are treating the founder of the company like a ‘slave’. Ashneer Grover has said in an interview given to Moneycontrol after the resignation that this whole process is just a sham. The board had already decided what to do. There was nothing to think about. He was behind me, my wife and my entire family.
where did it start
Ashneer Grover’s trouble started with a phone call. An audio of Grover had gone viral in which he was harassing an employee of Kotak Mahindra Bank for not getting Nyka shares. After this video, the company conducted an independent audit in which it came to light against Ashneer Grover for manipulating the company’s funds. Grover had also filed a petition in the Singapore International Arbitration Center in his defense that the corporate governance investigation should not be done against him. However, his petition was rejected.
Let us tell when the war between BharatPe and Ashneer Grover started
January 5: An audio clip was released from an anonymous Twitter handle. In which allegedly Ashneer Grover is talking abusively with an employee of Kotak Mahindra Bank. According to the audio clip, Kotak Mahindra Bank could not get the shares of Nykaa to Ashneer Grover and his family members, due to which Ashneer Grover was angry.
January 6: Ashneer Grover claimed that this video clip is fake.
January 8: The clip was removed from Twitter and SoundCloud. Ashneer also deleted his tweet.
January 9: There were reports that Ashneer Grover and his wife Madhuri Jain had sent a legal notice to Kotak Mahindra Bank in October. The bank said that it will take action on this audio clip.
January 17: After a dispute with a Sequoia employee, a mail sent by Ashneer Grover in August 2020 came to the fore.
January 19: Ashneer Grover went on voluntary leave till the end of March.
29 January: BharatPe’s board announced to conduct independent auditing.
30 January: Ashneer Grover used to settle down completely but at the same time appointed a lawyer.
February 2: A letter became public in which there was talk of removing CEO Suhail Sameer from the board.
February 4: Preliminary investigation revealed that Ashneer Grover and his wife Madhuri Jain had indulged in a scam in the company.
February 10: Madhuri Jain wrote a letter to the audit company A&M asking how the audit report became public.
February 11: CEO Suhail Sameer asked the employees to keep faith in the company’s board and further action.
February 22: Ashneer Grover wanted protection from future action in the form of settlement. Along with this, in a letter, the company’s chairman Rajnish Kumar was accused of bias.
23 February: BharatPe has fired Madhuri Jain from her job alleging misappropriation of funds. Board chairman Rajnish Kumar said the allegations against Grover would have no bearing on the company.
February 27: The Singapore International Arbitration Center has dismissed Ashneer Grover’s Governance Review petition against BharatPe.
March 1: Ashneer Grover resigns from BharatPe.
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