Amid the massive controversy with the fintech company BharatPe, its co-founder Ashneer Gover has now submitted his resignation bidding adieu to the firm.
Grover has been struggling to fight with his position in the company since the beginning of the controversy. His resignation came after a long boardroom clash and numerous discussions among the company's board members.
Grover had been involved in the battle with the board of BharatPe for a long time and his resignation comes a few days after his wife Madhuri Jain Grover has been terminated from the company over allegations of funds misappropriation.
On Monday 28 February, Ashneer Grover quits BharatPe with immediate effect by sending an email letter to the board.
In a recent development, Grover had lost an arbitration plea that he had filed with SIAC (Singapore International Arbitration Centre) against BharatPe for conducting an inquiry against him.
According to Grover, the investigation by the company against him was completely illegal. But the judgment by SIAC has hit hard on Grover as it rejected his plea and observed that there was no ground to stop governance review at BharatPe.
In the long resignation letter sent by Grover to the company, he stated that he resigns as the MD of BharatPe and also as a director of the board. He further stated that he will continue as a single largest individual shareholder of BharatPe.
He said that since the beginning of the year, he has been embroiled in baseless and targeted attacks on him and his family by some individuals who are even ready to harm the company.
He wrote that from being celebrated as the face of Indian entrepreneurship and inspiration to Indian youths in building their own businesses, he is now wasting himself fighting a long, lonely battle against his own investors and management.
He concluded the resignation letter by mentioning that unfortunately in this entire battle, the management has lost and the company BharatPe is at stake.
It may be mentioned that Grover rose into controversy after a viral audio clip in which he was heard threatening an employee working in Kotak Wealth Management over his unsuccessful attempt to gain financing for the initial share sale of Nyka.
After this emergence of the audio clip, Grover went to a leave period from the company for 2 months starting from the beginning of this year.