Ashneer Grover on Wednesday said he was appalled but not surprised by BharatPe’s statement declaring he is no longer the founder of the fintech firm and accusing him and his family of engaging in misappropriation of funds.
“Appalled at the personal nature of the company’s statement, but not surprised… statement comes from a position of personal hatred and low thinking,” he told CNBC-TV18, shortly after BharatPe issued a statement against Grover.
BharatPe’s board met last evening to take Grover’s resignation on board and to review the results of an external audit report of the company.
Earlier today, the fintech firm released a statement saying the Grover family and their relatives engaged in extensive misappropriation of company funds. They created 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, the statement added.
The company also said, “As a result of his misdeeds, Mr. Grover is no longer an employee, a founder, or a director of the company.”
Reacting to the remark, Grover said, “I want to learn who among Amarchand, PWC, and A&M (external audit firms) has started doing an audit on ‘lavishness’ of one’s lifestyle? The only thing lavish about me is my dreams and ability to achieve them against all odds through hard work and enterprise.”
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Sources close to BharatPe pointed out that the shareholder agreement allows room for legal action against Grover if found guilty of misconduct and that 1.2-1.4 percent of Grover's total shares are restricted and can be clawed back.
To this, Grover responded saying BharatPe’s board needs to be reminded of $1 million worth of secondary shares investors bought from him in Series C, $2.5 million in Series D and $8.5 million in Series E.
Taking a sharp dig at the company’s board, he said he hopes it can get back to working soon. “I as a shareholder am worried about the value destruction. I wish the Company and the Board a speedy recovery,” he said.