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BharatPe Co-Founder Ashneer Grover Quits Amid Boardroom Battle: 10 Points
01 Mar 2022, 12:27 PM IST 
This comes days after BharatPe sacked Ashneer Griver's wife Madhuri Jain Grover.
- He also said, "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."
- This comes days after BharatPe sacked his wife Madhuri Jain Grover for alleged financial irregularities ranging from producing fake invoices to billing the company for personal beauty treatment and trips abroad.
- Stock options vested with Ms Madhuri were also cancelled. It was alleged that she had used the company's funds for personal beauty treatments, buying electronic items and family trips to the US and Dubai.
- She was the Head of Controls in BharatPe.
- Previously, Mr Grover had filed an arbitration plea with the Singapore International Arbitration Centre (SIAC) claiming the company's investigation against him was illegal. The SIAC, though, rejected his plea, giving him no relief in the matter.
- It all started when an audio clip emerged, in which Mr Grover was allegedly heard threatening an employee of Kotak Wealth Management over his failure to secure financing for Nykaa's initial share sale.
- After that, BharatPe has come under intense scrutiny since Mr Grover sought damages from Uday Kotak, alleging Kotak Mahindra Bank declined to finance a personal investment.
- Kotak Bank has in turn alleged in legal documents that Mr Grover used "foul" and threatening language towards its employees. Mr Grover was then sent on voluntary leave of absence.
- He and his wife had accused the Kotak Bank of reneging on a promise to get him shares worth Rs 500 crore when Nykaa's initial public offering (IPO) was launched.
- Amid growing concerns over governance issues, BharatPe had conducted an independent audit of its internal process and systems.
