Amid the ongoing controversy Ashneer Grover resigns as MD of BharatPe

New Delhi: Amid the ongoing controversy on BharatPe, the company’s troubled co-founder and MD Ashneer Grover is said to have resigned from the fintech firm with immediate effect.

Grover’s resignation comes almost a day after he lost an arbitration filed at the Singapore International Arbitration Center (SIAC), which claimed the company’s investigation against him was illegal. An emergency arbitrator had held that the fintech company had no grounds to stop a review of the regime, a major blow to Grover, who was fighting a boardroom battle to retain his job 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 single shareholder in the company,” Grover said in his letter of resignation from the company.

When contacted early Tuesday, a BharatPe spokesperson could not immediately confirm the development.

Grover had gone on leave for two months last month following allegations of cheating and using abusive language against employees of Kotak Mahindra Bank.

It was found that the Emergency Arbitrator (EA) rejected all five grounds of his appeal and rejected only one remedy.

Grover argued before the arbitrator that the preliminary investigation was invalid as it violated the shareholders’ agreement and bye-laws and the company did not have the authority to conduct such an investigation.

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