Ashneer Grover and his wife Madhuri Jain Grover were dismissed from the company in March 2022.
Fintech company BharatPe has reached a conditional settlement with its former co-founder Ashneer Grover over disputes. Under the terms, Grover will not be associated with the company in any way nor will he be a part of its shareholding.
BharatPe said in an official statement on Monday that some of Grover's shares will be transferred to the 'Resilient Growth Trust' for the benefit of the company and his remaining shares will be managed by his family trust.
BharatPe's statement said, “Both parties have decided not to pursue the file case on the disputes. We wish Grover all the best. BharatPe will continue to focus on delivering best-in-class solutions to its merchants and customers.
According to reports, in March 2022, the company had removed Grover from the post of Managing Director of the company, after which both the parties took legal action against each other.
Ashneer Grover said – Full confidence in the company's management and board
After the agreement, Ashneer Grover wrote on his 'I am associated with the growth and success of the company. I will no longer be associated with BharatPe in any capacity, nor will I be a part of the capital table.
My remaining shares in the company will be managed by my family trust. Both parties have decided not to pursue the filed cases further. I am hopeful that BharatPe will continue to grow and succeed for the benefit of all its stakeholders.
Ashneer Grover had to leave India in the year 2022
Bharat Pay co-founder Ashneer Grover was in controversies since 2022. The main reason behind this was an audio of Ashneer that went viral. In this, he was found talking to an employee of Kotak Mahindra Bank in derogatory language. Apart from this, he was also accused of behaving against the rules of the company.
After receiving a complaint against Ashneer and his wife, the company decided to conduct an investigation. In this investigation, his wife Madhuri Jain Grover was found involved in misappropriation of money. She was accused of using company money to purchase personal beauty treatments, electronic products and a family vacation to America and Dubai.
Payments to personal staff were also made from the company account and fake receipts were made and presented to known people. After this he was dismissed from the company. Then Grover appealed against the decisions of his own company in the Singapore International Arbitration Center (SIC). Here also he had to face defeat. After this, Ashneer had to leave the Bharat Pay company in March 2022.
What is a fintech company?
FinTech is the short name of 'Financial Technology'. This technology is used in online money transactions. Through this, work related to money transactions, digital loans, bank work, cryptocurrency etc. is done online through any app.
Graphics Source: VaskarAssets
