BharatPe lashes out at Grover; accuses Grover family of misappropriation of company funds

Adds it reserves all rights to take further legal action against them

Published: 03rd March 2022 08:48 AM  |   Last Updated: 03rd March 2022 08:48 AM   |  A+A-

Ashneer Grover

Ashneer Grover

By Express News Service

BENGALURU:  A day after Ashneer Grover wrote a detailed mail of his resignation, and how he has been vilified by investors, BharatPe on Wednesday lashed out at him for “spinning lies and hurling baseless allegations and threats.” In a statement, the fintech company accused the Grover family and their relatives of extensive misappropriation of company funds.

“Including, but not limited to, creating fake vendors through which they siphoned money away from the company’s account and grossly abused company expense accounts in order to enrich themselves and fund their lavish lifestyles,” BharatPe said.

ALSO READ | BharatPe removes Ashneer Grover from all positions at company

It said the company reserves all rights to take further legal action against him and his family. “The Board will not allow the deplorable conduct of the Grover family to tarnish BharatPe’ s reputation or that of its hard-working employees and world-class technology. As a result of his misdeeds, Mr. Grover is no longer an employee, a founder, or a director of the company,” it said.

The Board is taking all necessary steps to further strengthen the company’s corporate governance, including the appointment of an audit committee, an internal auditor, and the implementation of other key internal controls.

When asked about these accusations, in a reply to TNIE, Ashneer Grover said he was appalled at the personal nature of the company’s statement, but not surprised. “It comes from a position of personal hatred and low thinking. I think the Board needs to be reminded of $1M of secondary shares investors bought from me in Series C, $2.5M in Series D and $8.5 M in Series E,” he said.

Grover added that he wanted to learn who among Amarchand, PWC and A&M has started doing audit on ‘lavishness’ of one’s lifestyle? On January 29, BharatPe through its legal firm, Shardul Amarchand Mangaldas, appointed Alvarez and Marsal (A&M), a leading management consultant and risk advisory firm to advise the Board on its recommendations. He said the only thing lavish about him is his dreams and ability to achieve them against all odds through hard work and enterprise. 


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