I Wish Company & Board A Speedy Recovery, Says Ashneer Grover

BharatPe Board on Wednesday, in a statement, accused Grover and his family of engaging in extensive misappropriation of company funds

Hours after BharatPe Board’s statement on Wednesday, which stated misappropriation of funds by Ashneer Grover and his family members, Grover has hit back at the board on the allegations.

“I am appalled at the personal nature of the company’s statement but not surprised. It comes from a position of personal hatred and low thinking,” Grover said.

The company, in a statement on Wednesday, said, “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 to enrich themselves and fund their lavish lifestyles.

He raised questions on the external auditors who were tasked to carry out the governance review. “I would also want to learn who among Amarchand, PWC and A&M has started doing an audit on ‘lavishness’ of one’s lifestyle? The only thing lavish about me is my dreams and ability to achieve them against all odds through hard work and enterprise.” Grover said while speaking to BW Businessworld.

The company also stated that it reserves the right to legal action against the embattled cofounder who quit yesterday as managing director and board director hours after an extensive late night board meeting.

“I think the board needs to be reminded of $1 million of secondary shares investors bought from me in Series C, $2.5 million in Series D and $8.5 million in Series E,” Grover stated.

He urged the board to get back to working soon and expressed concerns over the company’s value destruction. “I hope the board can get back to working soon. I, as a shareholder, am worried about the value destruction. I wish the company and the board a speedy recovery,” Grover said.