ETtechThe final findings of the internal governance review undertaken by BharatPe and its board, has found cofounder Ashneer Grover and his family members guilty of fraud, the company said in a prepared statement on Wednesday.
BharatPe also added that Grover and his family members have engaged in extensive misappropriation of funds and siphoned money away from the company’s accounts.
BharatPe is fully committed to its employees and customers and looks forward to its continued success as a Fintech leader in India.
In order to uphold the highest governance standards, and in light of complaints received, the Board of BharatPe directed a thorough review of the company’s internal controls. This extensive review is being led by well-respected and independent external advisors.
Minutes after Ashneer Grover received notice that some of the results of the inquiry would be presented to the Board, he quickly shirked responsibility by sending an email to the Board submitting his resignation and fabricating another false narrative of the events to the public. The company has taken strong objection to Grover spinning lies and hurling baseless allegations and threats. The Grover family and their relatives 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 account and grossly abused company expense accounts in order to enrich themselves and fund their lavish lifestyles.
The company reserves all rights to take further legal action against him and his family.
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, Grover is no longer an employee, a founder, or a director of the company.
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 success of BharatPe is a result of the collective effort of a large team of dedicated and talented professionals, and not any one individual. We are confident that the company is marking the beginning of a new chapter in its success–one grounded in trust and integrity–and we are excited to embark upon this next leg of our journey.
BharatPe also added that Grover and his family members have engaged in extensive misappropriation of funds and siphoned money away from the company’s accounts.
Here’s the complete text of BharatPe’s response:
BharatPe is fully committed to its employees and customers and looks forward to its continued success as a Fintech leader in India.
In order to uphold the highest governance standards, and in light of complaints received, the Board of BharatPe directed a thorough review of the company’s internal controls. This extensive review is being led by well-respected and independent external advisors.
Minutes after Ashneer Grover received notice that some of the results of the inquiry would be presented to the Board, he quickly shirked responsibility by sending an email to the Board submitting his resignation and fabricating another false narrative of the events to the public. The company has taken strong objection to Grover spinning lies and hurling baseless allegations and threats. The Grover family and their relatives 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 account and grossly abused company expense accounts in order to enrich themselves and fund their lavish lifestyles.
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The company reserves all rights to take further legal action against him and his family.
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, Grover is no longer an employee, a founder, or a director of the company.
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 success of BharatPe is a result of the collective effort of a large team of dedicated and talented professionals, and not any one individual. We are confident that the company is marking the beginning of a new chapter in its success–one grounded in trust and integrity–and we are excited to embark upon this next leg of our journey.
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