After a protracted conflict with the board, Ashneer Grover has resigned as MD and director of fintech company BharatPe, according to multiple news reports. In a letter of resignation, sourced by Economic Times, he wrote: “Since the beginning of 2022, unfortunately, I’ve been embroiled in baseless and targeted attacks on me and my family by a few individuals who are ready not only to harm me and my reputation but also harm the reputation of the company, which ostensibly they are trying to protect.”
Grover’s resignation came after BharatPe sacked Madhuri Jain over alleged financial irregularities and cancelled ESOPs vested with her. Madhuri is alleged to have used company funds for personal beauty treatments, buying electronic items and family trips to the US and Dubai, multiple reports claimed. Stock options vested with Madhuri have also been cancelled, they said, adding the alleged financial irregularities have been detailed in the termination letter.
Ashneer was sent on a three-month leave following allegations of using abusive language against Kotak Mahindra Bank staff and fraudulent practices. He has denied all allegations.