Managing director and co-founder of fintech unicorn BharatPe, Ashneer Grover, resigned from the board of directors. The resignation was mentioned in a letter published in Business Standard. We are sharing with you the bad news that Ashneer Grover has faced a defeat at the arbitral hearing filed by the fintech platform to start an investigation against him in Singapore.
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The resume letter of Ashneer
As a founder, I am extremely saddened by the fact that I will have to say goodbye to my company today. It is with great pride that I claim that our company is one of the best today in the world of fintech. My family and I have been the subject of numerous baseless accusations since the year 2022. One who is willing to harm me and my reputation, as well as the reputation of the company.
SIAC is not relieved
Sources told Grover did not receive a remedy from the Singapore International Arbitration Center (SIAC). Based on the recommendation of BharatPe’s top management, the arbitration center says there is no reason to stop the working review. Grover requested that the SIAC stop reviewing the company’s functioning in the application he filed with the agency. Moreover, he asserted that the investigation was illegal.
On February 20, the petition was heard for the first time. Two days ago, the emergency mediator at the mediation center refused to comply with Grover’s demands, according to sources familiar with the matter. However, sources said Grover can appeal the arbitrator’s decision at the Delhi High Court.
In an effort to sell his stake in a fintech startup, Ashneer Grover has started discussions with investors. Groover owned 9.5 percent of the company for Rs 1,915 crore. The company was valued at $2.85 billion during funding in August 2021.
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