Mumbai: In a dramatic turn of events, fintech firm BharatPe on Wednesday said it has removed the company's co-founder Ashneer Grover from all positions for allegedly engaging in extensive misappropriation of funds.
On Tuesday, Grover had tendered his resignation minutes after receiving the Board meeting agenda, which also included consideration of an appropriate action against him based on the report submitted by advisory firm PwC.
"The Board will not allow the deplorable conduct of the Grover family to tarnish BharatPe's reputation or that of its hard-working employees and world-class technology. As a result of his misdeeds, Mr. Grover is no longer an employee, a founder, or a director of the company," the fintech firm said in a statement issued here.
BharatPe further alleged that the Grover family and their relatives were engaged in extensive misappropriation of company funds.
"The Grover family and their relatives were engaged in extensive misappropriation of company funds, including, but not limited to, creating fake vendors through which they siphoned money away from the company's expense account and grossly abused company expense accounts in order to enrich themselves and fund their lavish lifestyles," it said in the statement.
On February 24, the Board had sacked Grover's wife Madhuri Jain for alleged misappropriation of funds. The company further said that it reserves all rights to take further legal action against Grover and his family.
"The Board remains highly focused on supporting the growth and continued success of the company. The Board is taking all necessary steps to further strengthen the company's corporate governance, including the appointment of an audit committee, an internal auditor, and the implementation of other key internal controls," the company said. (UNI)