Ashneer Grover said that he has reached a settlement with BharatPe. The co-founder said that he “will no longer be associated with BharatPe in any capacity, nor be part of the capital table”. This comes after BharatPe filed a case against Grover accusing him for misappropriation of funds. The company accused Grover and his family of causing a loss of about Rs 81.3 crore from improper payments to fake HR consultants, inflated costs from connected vendors, fake input tax credit transactions, illegal payments to travel agencies, forged invoices, and destruction of evidence.
As part of the settlement, some of Grover’s shares will be transferred to the Resilient Growth Trust, while the rest will be managed by his family trust.
Here’s what Ashneer Grover wrote on X
I have reached a decisive settlement with BharatPe. I repose my faith in the management and board, who are doing great work in taking BharatPe forward in the right direction. I continue to remain aligned with the company’s growth and success. I will no longer be associated with BharatPe in any capacity, nor be part of the capital table. My remaining shares will be managed by my Family Trust. Both parties have decided not to pursue cases filed. I hope BharatPe continues to grow and succeed for the benefit of all its stakeholders.
Peace !
Read BharatPe’s post here
BharatPe has arrived at a definitive agreement with its former co-founder Ashneer Grover. As part of the settlement, Grover will not be associated with BharatPe in any capacity nor be a part of the shareholding of the company. Certain shares of Mr Grover will be transferred to the Resilient Growth Trust and his remaining shares will be managed by his family trust. Both parties have decided not to pursue the cases filed. We wish Grover well. BharatPe continues to focus on delivering industry-leading solutions to its merchants and customers, driving growth with profitability.
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