Ashneer Grover hits back at BharatPe board, says appalled but not surprised by allegations

Bharat Pe co-founder Ashneer Grover

Ashneer Grover hit back at the board of BharatPe saying he is appalled by the company alleging fraud and financial misdoing by himself and family "in order to enrich themselves and fund their lavish lifestyles", adding that the only thing lavish about him are his dreams.

"I am appalled at the personal nature of the company’s statement, but not surprised. It comes from a position of personal hatred and low thinking," he told Moneycontrol.

"The only thing lavish about me is my dreams and ability to achieve them against all odds through hard work and enterprise," he added.

In a serious charge against Grover, BharatPe today said, "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 also said it reserved the right to legal action against the embattled cofounder who quit yesterday as managing director and board director hours after an extensive late night board meeting.

The statement follows a governance review tabled by the board on March 1, opening up a fresh battlefront between the two sides.

Grover added that the investors bought around $12 million worth of secondary shares from him in Series C, D and E rounds collectively.

He once again attacked the legal firms and consulting agencies associated with BharatPe for their role in the governance review process.

"I would also want to learn who among Amarchand, PwC and A&M (Alvarez and Marsal) has started doing audit on ‘lavishness’ of one’s lifestyle?" he said.