Board acted quickly: BharatPe's Nakrani

New Delhi: BharatPe co-founder Shashvat Nakrani has accused Ashneer Grover, with whom he had co-founded the payment startup, of creating a false narrative about the company, and said the board acted quickly and decisively in unseating him after receiving finds of a PwC report. BharatPe, which allows shop owners to make digital payments through QR codes, last week stripped Grover of all titles and positions over his alleged "misdeeds" and may take further legal actions, including clawing back of some of his shareholding. In a letter to employees, Nakrani said the Grover episode was an aberration and not the norm at BharatPe, and went on to defend the board who he said were celebrated names in the banking and financial services industry.

"Ashneer Grover, my co-founder, is no longer associated with BharatPe as an employee, a founder or a director of the company," he wrote. "Ashneer sent in his resignation late night on March 1, 2022 to the Board, minutes after receiving the agenda of the Board meeting on the findings of the PwC report." While he did not dwell into the findings of the PwC report, the company had last week stated that, "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 in order to enrich themselves and fund their lavish lifestyles."