new Delhi. Ashneer Grover, co-founder and managing director of fintech unicorn BharatPe, has resigned from his position on the company’s board. According to a news published in Business Standard, this has been mentioned in a letter. Let us tell you that in a big setback to Ashneer Grover, he has to face defeat in the arbitration filed against the fintech platform to initiate an investigation against him in Singapore.
This thing written in Ashneer’s resume letter
I am deeply saddened by the fact that today I am being forced to say goodbye to the company of which I am the founder. I say with my head held high that today this company is one of the best in the world of fintech. Since the beginning of 2022, baseless allegations are being made against me and my family by some people. Those who are ready to harm not only me and my reputation, but also the reputation of the company.
ALSO READ: Country’s fiscal deficit widens to 58.9% of FY22 target in April-January
No relief from SIAC
Sources said that Grover has not got any relief from the Singapore International Arbitration Center (SIAC). The arbitration center has said that there is no ground to stop the working review being done on the recommendation of the top management in BharatPe. Grover, in his application filed in the SIAC, sought to stop the ongoing review of the company’s functioning, saying that the investigation being conducted against him was illegal.
The first hearing on this petition was held on February 20. Sources familiar with the development said that the emergency arbitrator of the mediation center has refused to give any relief two days ago, denying all the demands of Grover. However, sources said that Grover can challenge this decision of the arbitrator in the Delhi High Court.
Ashneer Grover has started talks with investors to sell his stake in the fintech startup. Grover had a 9.5 per cent stake in the company i.e. Rs 1,915 crore. When it was valued at $2.85 billion during funding in August 2021.
Tags: business news in hindi, online business
Read Article in हिन्दी