Ashneer Grover quits as BharatPe MD

Fintech firm BharatPe's managing director Ashneer Grover has resigned minutes after receiving an upcoming board meeting agenda, which included consideration of action against him based on the report submitted by advisory firm PwC.

"Ashneer Grover resigned as managing director and from the Board Director of BharatPe minutes after receiving the agenda for an upcoming Board meeting that included submission of the PWC report regarding his conduct and considering actions based on it.

“The Board reserves the right to take action based on the report's findings," Bharatpe said in a statement.

The board meeting is scheduled to be held on Tuesday to discuss the PwC report findings on Grover's conduct. There have been allegations of financial irregularities against him.

According to sources, Grover in his resignation letter said that he is being forced to bid adieu to a company of which he is a founder.

Grover alleged in the letter that he and his family have been embroiled in baseless and targeted attacks by a few individuals, who are ready to not only harm his reputation, but also the reputation of the company.

Queries sent to Grover did not elicit any immediate reply.

There has been an allegation of financial irregularities in the company by Grover.

The development comes within a week after Bharatpe sacked Grover's wife Madhuri Jain Grover, who was head of controls in the company, over alleged financial irregularities and cancelled ESOPs vested with her.

She is alleged to have used the company funds for personal beauty treatments, buying electronic items and family trips to the US and Dubai.

Grover -- who last month went on a two-month leave of absence following allegations of using abusive language against Kotak Mahindra Bank staff and fraudulent practices -- had filed an arbitration plea with the Singapore International Arbitration Centre (SIAC), claiming the company's investigation against him was illegal.

Recently, Grover lost an arbitration that he had filed over the company's investigation against him, arguing that there was no ground to stop governance review at the fintech firm.

The emergency arbitrator (EA) has, however, rejected all the five grounds of his appeal and denied relief.

Grover had pleaded before the arbitrator that the preliminary investigation was invalid because it violated shareholder agreement and articles of association, and the company has no authority to conduct such an investigation.

He had termed all appointments for the independent audit of the company's internal processes and systems as bad in law.