Grover, who alongside together with his spouse Madhuri Jain Grover has been stripped of all firm titles over alleged “intensive misappropriation of firm funds” and utilizing “firm expense accounts” to “enrich themselves and fund their lavish existence”, mentioned he is not going to return to buyers once more.
“I want to begin my very own enterprise with my very own cash and make it worthwhile,” he mentioned through the recently-held TiECon-2022 start-up and entrepreneurial occasion in Chandigarh, in response to media reviews.
“I do not need to go to the buyers once more,” Grover instructed a panelist, including that his tussle with BharatPe is a “badly fought company battle”.
Ashneer final month threatened a authorized motion in opposition to BharatPe CEO Suhail Sameer and the board for his feedback on skilled networking platform LinkedIn in opposition to his sister Ashima Grover, together with searching for a resignation from Chairman Rajnish Kumar.
In a letter written to BharatPe Board, Ashneer mentioned that Sameer needs to be “instantly served a show-cause discover for his despicable public behaviour and instantly placed on depart of absence to handle the injury to the Model of the corporate”.
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The letter was marked to firm buyers, together with Chairman Kumar, CEO Sameer and co-founder Shahshvat Nakrani.
The Ashneer-BharatPe saga, together with some extra such incidents (the newest is Singapore-based fashion-tech startup Zilingo) has introduced company governance within the Indian startup ecosystem to the fore.
Alarmed on the latest fraud allegations at a few of its portfolio startups, Sequoia Capital India has mentioned it should proceed to reply strongly when it encounters “willful misconduct or fraud”, and take robust motion wherever wanted.
Sequoia Capital India has mentioned it should proceed to have zero tolerance in direction of confirmed wrongdoing.
–IANS
na/ksk/
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