Ashneer Grover and his wife Madhuri Jain Grover were laid off from the company in March 2022.
Fintech company BharatPe has reached a conditional settlement over its differences with its former co-founder Ashneer Grover. Under the terms, Grover will not be associated with the company in any way and will not be 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 matter regarding the disputes. We wish Grover all the best. BharatPe will continue to focus on providing the best solutions to its merchants and customers.
Reportedly, in March 2022, the company removed Grover from his position as the company’s CEO, after which both parties filed a lawsuit against each other.
Ashneer Grover said – Full confidence in the management and board of directors of the company
After the deal, Ashneer Grover wrote about his “I am associated with the growth and success of the company. I will no longer be associated with BharatPe in any capacity and will no longer be part of the capital table.
My remaining shares in the company will be managed by my family trust. Both parties decided not to pursue further proceedings. I hope that BharatPe continues to grow and succeed for the benefit of all its stakeholders.
Ashneer Grover had to leave India in 2022
Ashneer Grover, co-founder of Bharat Pay, was in controversy since 2022. The main reason behind this was an audio of Ashneer which went viral. In this case, he was caught speaking to a Kotak Mahindra Bank employee in derogatory language. Apart from this, he was also accused of behavior against company rules.
After receiving a complaint against Ashneer and his wife, the company decided to investigate. In this investigation, his wife Madhuri Jain Grover was found involved in embezzlement. She was accused of using company money to purchase personal beauty treatments, electronics and family vacations to America and Dubai.
Payments to staff were also made from the company’s account and false receipts were made out and presented to known people. After that, he was fired from the company. Grover then appealed his own company’s decisions to the Singapore International Arbitration Center (SIC). Here he had to face defeat. After this, Ashneer had to leave BharatPe in March 2022.
What is a fintech company?
FinTech is the abbreviated name for “Financial Technology”. This technology is used in online monetary transactions. Through this, work related to money transactions, digital lending, banking work, cryptocurrency, etc. is made possible. is carried out online through any application.