bharatpe:  Ashneer Grover resigns as BharatPe MD - Times of India

bharatpe: Ashneer Grover resigns as BharatPe MD – Times of India

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NEW DELHI: Amidst the ongoing controversy at BharatPe, Ashneer Grover – the beleaguered co-founder and MD of the company – is said to have resigned from the fintech firm with immediate effect.
Grover’s resignation comes almost a day after he lost an arbitration that he had filed with the Singapore International Arbitration Centre (SIAC), claiming the company’s investigation against him was illegal. An emergency arbitrator had held that there was no ground to stop governance review at the fintech firm, in a massive blow to Grover who was fighting a boardroom battle to maintain his position in the company.
“I hereby resign as the MD of BharatPe, effective immediately. I also resign as a director of the board. I will continue as the single largest individual shareholder of the company,” Grover said in his resignation letter to the company.
When contacted early Tuesday morning, a spokesperson of BharatPe did not immediately confirm the development.
Grover had last month gone on a two-month leave of absence following allegations of using abusive language against Kotak Mahindra Bank staff and fraudulent practices.
The emergency arbitrator (EA) had rejected all the five grounds of his appeal and denied a single relief, it was understood.
Grover had pleaded before the arbitrator that the preliminary investigation was invalid because it was in violation of shareholder agreement and articles of association and the company has no authority to conduct such an investigation.



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