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BharatPe co-founder Ashneer Grover resigns after Kotak dispute

·1-min read
Illustration shows BharatPe

(Reuters) - BharatPe co-founder Ashneer Grover has resigned as managing director and board director, the Indian payment startup said on Tuesday, in the wake of a public row with Kotak Mahindra Bank over his personal investments.

BharatPe has come under intense investor and media scrutiny since Grover sought damages from bank boss Uday Kotak, alleging Kotak Mahindra Bank declined financing for a personal investment.

The bank has in turn alleged in legal documents that Grover used "foul" and threatening language towards its employees and reserved the right to take appropriate legal action against him.

BharatPe, which allows shop owners to make digital payments through QR codes, said Grover resigned after receiving the agenda for an upcoming board meeting that included submission of an independent audit regarding his conduct.

"The board reserves the right to take action based on the report's findings," the company said. BharatPe did not elaborate on the findings of the report.

Grover and Kotak Mahindra Bank did not immediately respond to a request for comment.

Tiger Global and Sequoia Capital, investors in the firm, also did not immediately respond to requests for comment.

(Reporting by Aditya Kalra and Munsif Vengattil in New Delhi, Abhirup Roy in Mumbai; Editing by Tom Hogue and Jane Wardell)

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