New Delhi: Amidst the ongoing controversy Bharatpe, Ashneer Grover The troubled 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 the arbitration filed by him Singapore International Arbitration Center (SIAC) claimed that the company’s investigation against him was illegal. An emergency arbitrator had held that there was no basis for stopping a review of the regime at the fintech firm, a major blow to Grover, who was fighting a boardroom battle to retain his position at the company.
“I hereby resign from the post of MD of BharatPe with immediate effect. I have also resigned as Director of the Board. I will continue as the largest individual shareholder of the company,” Grover said in his resignation letter to the company.
When contacted early Tuesday, a BharatPe spokesperson could not immediately confirm the development.
Grover had gone on leave for two months after allegations of using hate speech against him last month Kotak Mahindra Bank employees and fraudulent practices.
The emergency arbitrator (EA) had rejected all five grounds of his appeal and refused a single relief, it was understood.
Grover argued before the arbitrator that the preliminary inquiry was invalid as it was in violation of the shareholder agreement and articles of association and the company has no authority to conduct such an investigation.
Grover’s resignation comes almost a day after he lost the arbitration filed by him Singapore International Arbitration Center (SIAC) claimed that the company’s investigation against him was illegal. An emergency arbitrator had held that there was no basis for stopping a review of the regime at the fintech firm, a major blow to Grover, who was fighting a boardroom battle to retain his position at the company.
“I hereby resign from the post of MD of BharatPe with immediate effect. I have also resigned as Director of the Board. I will continue as the largest individual shareholder of the company,” Grover said in his resignation letter to the company.
When contacted early Tuesday, a BharatPe spokesperson could not immediately confirm the development.
Grover had gone on leave for two months after allegations of using hate speech against him last month Kotak Mahindra Bank employees and fraudulent practices.
The emergency arbitrator (EA) had rejected all five grounds of his appeal and refused a single relief, it was understood.
Grover argued before the arbitrator that the preliminary inquiry was invalid as it was in violation of the shareholder agreement and articles of association and the company has no authority to conduct such an investigation.