Ashneer Grover resigns from BharatPe, says was treated like a 'slave'; read resignation letter

tech.hindustantimes.com:

In the early hours of March 1, Ashneer Grover, the cofounder and managing director of BharatPe, resigned from his position. Writing a long email to the board, Grover wrote, “I hereby resign as the Managing Director of BharatPe, effective immediately. I also resign as a Director of the Board. I will continue as the single largest individual shareholder of the Company”. Grover has been fighting a long battle with his own board and investors. Ashneer Grover's resignation comes after his challenge to the firm’s decision to conduct a governance review with an emergency arbitration plea was rejected by the Singapore International Arbitration Centre (SIAC), according to MoneyControl. Earlier last month, Grover’s wife Madhuri Jain Grover was fired from the company as well.

Ashneer Grover resignation letter begins this way, “I write this with a heavy heart as today I am being forced to bid adieu to a company of which I am a founder”. The former managing director of BharatPe alleged that this move was a direct consequence of the attacks on his and his family’s reputation. He also claimed that the management of the company was losing sight of what was important in this fight. “From being celebrated as the face of Indian entrepreneurship and an inspiration to the Indian youth to build their own businesses, I am now wasting myself fighting a long, lonely battle against my own investors and management. Unfortunately, in this battle, the management has lost of what is actually at stake – BharatPe,” he added.

In the past, Grover had been very vocal in criticizing the board and investors decision to start a governance review. The company hired Alvarez and Marsal, a London-based audit firm, to conduct the review on January 28. Afterwards,