Ashneer Grover loses co-founder tag

New Delhi, March 2

Payment startup BharatPe has stripped its co-founder Ashneer Grover of all positions for his alleged “misdeeds” and may take further legal actions, including clawing back of some of his shareholding.

BharatPe said Grover quit after receiving the agenda for an upcoming Board meeting that included submission of an independent audit regarding his conduct.

The Board of the company met last evening following which a statement was issued. The company said it reserves the right to take action based on the report’s findings.

“The Grover family and their kin engaged in extensive misappropriation of company funds, creating fake vendors through which they siphoned money away from the company’s account and grossly abused company expense accounts in order to enrich themselves and fund their lavish lifestyles,” it alleged. —