A day after, Ashneer Grover stepped down as MD of BharatPe, the controversial businessman's former company has now released a official statement. The statement said that, as a result of his misdeeds, Grover is no longer an employee, a founder, or a director of the company, adding that the company reserves the right to take legal action. The statement by BharatPe, which came after a board meeting that lasted over 3 hours, said: "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." "The company has taken strong objection to Mr. Grover spinning lies and hurling baseless allegations and threats," the company said alluding to the interviews by him, where he launched direct attacks against the chairman of the board Rajnish Kumar, apart from investors such as Sequoia.
In a serious charge against Ashneer Grover, the statement read, "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 expense account and grossly abused company expense accounts in order to enrich themselves and fund their lavish lifestyles." "The company reserves all rights to take further legal action against him and his family," it said, an indicator of a bitter legal fight ahead between the two sides. "As a result of his misdeeds, Mr. Grover is no longer an employee, a founder, or a director of the company," effectively showing him the door. It further said that the Board is taking all necessary steps to further strengthen the company’s corporate governance, including the appointment of an audit committee, an internal auditor, and the implementation of other key internal controls. "The success of BharatPe is a result of the collective effort of a large team of dedicated and talented professionals, and not any one individual. We are confident that the company is marking the beginning of a new chapter in its success–one grounded in trust and integrity–and we are excited to embark upon this next leg of our journey." In response, Grover said, the BharatPe Board's statement "comes from a position of personal hatred and low thinking."