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Ashneer Grover Urges RBI To Probe BharatPe Chairman Rajnish Kumar

Inc42 · 1y ago

Ashneer Grover Urges RBI To Probe BharatPe Chairman Rajnish Kumar

Former managing director of BharatPe, Ashneer Grover, has written a letter to the Reserve Bank of India (RBI), calling for an investigation into chairman Rajnish Kumar. Grover alleges that Kumar acquired significant equity shares worth hundreds of crores since joining the board and increased his salary to INR 1.5 crore per year. Grover also accused the board, investors, and management of fraud and lying to the RBI about the ownership of the company's shares. BharatPe denies the allegations and has stated their intention to take legal action against Grover.

Related News

Ashneer Grover urges RBI to probe ex-SBI Chairman Rajnish Kumar, says, 'He was complicit in fraud transactions'

IndianStartupNews

IndianStartupNews · 1y ago

Ashneer Grover urges RBI to probe ex-SBI Chairman Rajnish Kumar, says, 'He was complicit in fraud transactions'

Former BharatPe managing director Ashneer Grover has accused ex-SBI Chairman Rajnish Kumar, currently BharatPe's board chairman, of allocating equity shares worth hundreds of crores to himself. Grover alleges that this is part of a larger issue involving fraudulent transactions and misrepresentations to the Reserve Bank of India (RBI). He has called for an investigation into the matter. BharatPe has dismissed the claims as baseless and is pursuing legal action against Grover. The Ministry of Corporate Affairs and other authorities are already investigating BharatPe.

Ashneer Grover hits out at former SBI Chairman Rajnish Kumar

Livemint

Livemint · 1y ago

Ashneer Grover hits out at former SBI Chairman Rajnish Kumar

Former BharatPe co-founder and managing director, Ashneer Grover, criticized former SBI Chairman, Rajnish Kumar, accusing him of delivering nothing and hiding behind deflection. Grover referred to the alleged failure of Kumar at SBI, resulting in $8 billion value destruction, and claimed he led BharatPe to a $3 billion write-off. The public dispute between Grover and CapitalMind CEO Deepak Shenoy followed reports of an investigation into Grover for alleged fund diversion.

Delhi HC orders Ashneer Grover to delete post calling SBI Chairman 'petty people'

IndianStartupNews

IndianStartupNews · 1y ago

Delhi HC orders Ashneer Grover to delete post calling SBI Chairman 'petty people'

The Delhi High Court has instructed Ashneer Grover, the former managing director of BharatPe, to remove posts on social media targeting BharatPe and Rajnish Kumar, the former chairman of State Bank of India (SBI), within 48 hours. Grover's posts, referring to Kumar and the company as "petty people," were deemed damaging to BharatPe's reputation. The ongoing legal battle between BharatPe and Grover involves defamation suits and criminal complaints. Amidst the legal strife, BharatPe reported a widened net loss, while the court also ordered The Economic Times to take down an article detailing Grover's allegations.

Delhi HC Directs Ashneer Grover To Take Down Tweets Against BharatPe, Former SBI Chairman

Inc42 · 1y ago

Delhi HC Directs Ashneer Grover To Take Down Tweets Against BharatPe, Former SBI Chairman

BharatPe co-founder Ashneer Grover has been directed by the Delhi High Court to remove his tweet against the company and former State Bank of India chairman Rajnish Kumar within 48 hours. Grover had made posts on social media platform X against BharatPe and alluding to Kumar, calling them "petty people." The court observed that Grover's tweet was an innuendo and remarked that he cannot damage the company's reputation. This development comes after Grover reportedly wrote a letter to the Reserve Bank of India urging for a probe into Kumar's alleged equity shares worth hundreds of crores.

Ashneer Grover writes to RBI for probe into BharatPe’s shareholding: Report

Business Today

Business Today · 1y ago

Ashneer Grover writes to RBI for probe into BharatPe’s shareholding: Report

Ashneer Grover, former director of BharatPe, has asked the Reserve Bank of India (RBI) to investigate the shareholding of the company. Grover alleges that BharatPe fraudulently brought back Bhavik Koladiya, a convicted fraudster, to the company's cap table after obtaining licenses from the RBI. Grover questions whether BharatPe would have been approved for a stake in Unity Small Finance Bank or allowed to acquire Liquiloans had Koladiya been part of the company's cap table during the license application. BharatPe has filed lawsuits and criminal complaints against Grover and his family.

BharatPe Vs Ashneer Grover: Ex-MD Seeks RBI Probe Into The Fintech Unicorn’s Shareholding

Inc42 · 1y ago

BharatPe Vs Ashneer Grover: Ex-MD Seeks RBI Probe Into The Fintech Unicorn’s Shareholding

Former BharatPe MD and co-founder, Ashneer Grover, has written a letter to the Reserve Bank of India (RBI) requesting an investigation into the shareholding of the fintech unicorn. Grover has accused BharatPe of deliberately "defrauding" the RBI by bringing back Bhavik Koladiya to the company's cap table after securing licences. Grover has demanded that all of BharatPe's licenses be revoked if the company is found guilty, and he also calls for penalties and blacklisting of the venture firms associated with the startup. Additionally, Grover alleges that BharatPe co-founder Shashvat Nakrani transferred shares to Koladiya for free. BharatPe has raised over $650 million in funding from investors such as Peak XV Partners, Ribbit Capital, and Steadview Capital.

Ashneer Grover writes to RBI for probe into BharatPe’s shareholding: Report

Business Today

Business Today · 1y ago

Ashneer Grover writes to RBI for probe into BharatPe’s shareholding: Report

Former BharatPe director, Ashneer Grover, has written to the Reserve Bank of India (RBI), urging an investigation into the shareholding of the Peak XV-backed company. In a letter, Grover alleges that BharatPe deliberately committed fraud by returning Bhavik Koladiya, who was convicted of wire fraud in the US, to the company's cap table after securing licenses. Grover questions whether BharatPe would have been considered fit for a stake in Unity Small Finance Bank or allowed to acquire Liquiloans if Koladiya was part of the cap table during the license application process.

Ashneer Grover writes to RBI seeking probe into BharatPe’s shareholding, licence applications

Economic Times

Economic Times · 1y ago

Ashneer Grover writes to RBI seeking probe into BharatPe’s shareholding, licence applications

Ashneer Grover, former MD of BharatPe, has written to the Reserve Bank of India (RBI), requesting an investigation into the shareholding of the Peak XV-backed company. Grover alleges that BharatPe knowingly "defrauded" the RBI by bringing back Bhavik Koladiya, previously convicted of wire fraud in the US, to the company's cap table after securing licenses. Grover questions if Koladiya's presence during the license application would have affected BharatPe's eligibility for a stake in Unity Small Finance Bank or acquiring Liquiloans. He demands revocation of licenses, banning of directors, blacklisting of associated venture firms, and monetary penalties if found guilty.

‘I’ll be last man standing', says Ashneer Grover amid EOW probe in BharatPe case

Livemint

Livemint · 1y ago

‘I’ll be last man standing', says Ashneer Grover amid EOW probe in BharatPe case

Ashneer Grover, co-founder of BharatPe, has posted on social media that he will be "the last man standing" amidst the ongoing probe into allegations of fund misappropriation. The Economic Offences Wing (EOW) has stated that the investigation is still in its initial stages and that replies from various authorities are yet to be received. However, the EOW has strongly opposed Grover's plea to dismiss the case, citing the gravity of the offense and ongoing investigation. The case was filed by BharatPe against Grover and his family members last year.

Ashneer Grover seeks reinstatement as BharatPe's MD, approaches NCLT

Money Control

Money Control · 1y ago

Ashneer Grover seeks reinstatement as BharatPe's MD, approaches NCLT

Ashneer Grover has approached National Company Law Tribunal (NCLT) seeking his reinstatement as the Managing Director of BharatPe. Grover has claimed that he was ousted from BharatPe in an "arbitrary manner in excess exercise of powers in order clawback his restrictive shares illegally". BharatPe had removed Grover from all positions in the company last year for alleged misappropriation of funds.

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