TLDR: Ashneer Grover, found of BharatPe charged with misappropriation of funds, siphoning money; Company will take legal action; Might lose out around 1.4% of his total restricted shares;
BharatPe Founder and Shark Tank India Judge, Ashneer Grover, and his family have been found guilty of misappropriating company funds, per a statement released by the firm’s board on March 2.
This is a heavy toll for Ashneer Grover. That statement also said that Ashneer Gover is no longer an employee, a Founder, or the director of the company as a result of his actions and misappropriation of company funds. The company will take legal action against him.
According to Moneycontrol.com
Ashneer Grover might lose out around 1.4% of his total restricted shares which could be clawed back by the board.
The company has not commented on the actions they intend to take against him.
BharatPe also issued a statement, which came after a board meeting. The meeting lasted for 3 hours and the statement was “Minutes after Mr. 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”
He also launched direct attacks against the Chairman of the Board Mr. Rajnish Kumar and some investors. The company is tired of Mr. Ashneer’s lies and baseless threats.
The company also published a statement that implies that Mr. Ashneer Grover and his family and some of their relatives were engaged in misappropriation of funds, creating fake vendors (they siphoned money away from the company’s expense account for his own use and betterment)
You can read the entire statement on Money Control’s Article
This is a serious charge against Mr. Ashneer Grover and his family. Ashneer Grover, Founder of BharatPay recently appeared as a judge in Shark Tank India. He became quite popular through memes and his brutally honest feedback.
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