The fintech startup won’t be filing criminal charges against its ousted co-founder, who won’t contest a clawback of unvested shares.
BharatPe’s board of directors has settled its fight with ousted co-founder and former managing director Ashneer Grover, according to two people with direct knowledge of the development.
The fintech startup will not press criminal charges against Grover over alleged malpractices, says one of the two people, both of whom asked not to be named; Grover, in turn, seems not to be contesting the company’s move to claw back shares that had yet to vest.
In a statement on 10 May 2022, BharatPe, along with announcing a slew of measures to enhance governance standards, said that it “has initiated necessary action …
Furquan leads the banking coverage at The Morning Context. A business journalist with eight years of experience and a best-selling author, in his earlier stints as a reporter with the Deccan Herald and a columnist at The Banker, he wrote on banking, financial markets and regulatory affairs. He has extensively covered India's debt market crisis, banking crisis and the fall of Yes Bank.
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furquan@mailtmc.com
Delhi
Ashwin writes on fintech and banking at The Morning Context. He joins us from The Economic Times, he worked across the finance, tech and startup verticals, breaking stories related to India’s banking system, startups in the new economy, digital payments, insurance and cryptocurrencies.
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ashwin@mailtmc.com
Delhi