singapore English news | singapore, Latest News & Live Updates in English | English News (Latest English News) at Lokmattimes.com

New Delhi, March 2 Fintech platform BharatPe on Wednesday revealed for the first time that Ashneer Grover, his wife Madhuri Jain, and their relatives were engaged in extensive misappropriation of company funds and grossly abused company money to fund their lavish lifestyles.In a statement, BharatPe said it reserves all rights to take further legal action against him and his family."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," BharatPe elaborated.The company said that the Board will not allow the "deplorable conduct of the Grover family to tarnish BharatPe's reputation or that of its hard-working employees and world-class technology.""As a result of his misdeeds, (Ashneer) Grover is no longer an employee, a founder, or a director of the company," the company announced.Ashneer had sent an emotionally-charged resignation letter ahead of the crucial BharatPe board meeting as an independent PwC 'governance review' found him guilty of financial irregularities worth several crores along with his wife Madhuri Jain Grover.The Board was set to grill Ashneer over the PWC report regarding his conduct and take action based on it, which was to ultimately sack him.Sensing what was coming his way, Ashneer decided to shoot off an emotionally-charged and lengthy resignation to the Board, in a bid to salvage his image.BharatPe 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."Minutes after 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,a said the company.The company said it has taken strong objection to Grover spinning lies and hurling baseless allegations and threats.The resignation came as top investors in the fintech platform declined to buy his 8.5 per cent stake in the company for Rs 4,000 crore as he had sought. Ashneer also lost an arbitration in Singapore he filed against the fintech platform for launching a probe against him.According to sources, Grover's valuation does not hold ground as the company is not valued at $6 billion as being projected by him.At a $2.85 billion valuation and at the current dollar-rupee exchange rate, his stake would be around Rs 1,824 crore.Disclaimer: This post has been auto-published from an agency feed without any modifications to the text and has not been reviewed by an editor

SingaporeFOLLOW

Singapore, Latest News

New Delhi, March 22 The Supreme Court on Tuesday said that e-commerce major Amazon's interim plea seeking preservation ... ...

Powerkids Entertainment Private Limited ("Powerkids") is pleased to announce the appointment of Manoj Mishra as Chief Executive Officer. ...

Bhubaneswar, March 18 The Economic Offences Wing (EOW) of the Odisha police has arrested Deepak Kindo, the managing ... ...

Secretary East in Ministry of External Affairs, Saurabh Kumar, virtually interacted with Permanent Secretary of Singapore Stanley Loh on Tuesday where they discussed areas for ASEAN-India cooperation during Singapore's coordinatorship of ASEAN-India ...

Aurangabad, March 8: A city lad, Sameer Prabhakar Dorle, has become a vice-president of a prominent company in America. ... ...

New Delhi, March 7 Union Defence Minister Rajnath Singh on Monday described medical service as an important pillar ... ...

New Delhi, March 3 In a major development in the ongoing legal battle between Future Retail and Amazon, ... ...

New Delhi, March 2 Fintech platform BharatPe on Wednesday revealed for the first time that Ashneer Grover, his ... ...