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Ashneer Grover urges RBI to probe ex-SBI Chairman Rajnish Kumar, says, 'He was complicit in fraud transactions'
IndianStartupNews
·
1y ago
Medial
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.
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Ashneer Grover Urges RBI To Probe BharatPe Chairman Rajnish Kumar
Inc42
·
1y ago
Medial
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.
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Ashneer Grover hits out at former SBI Chairman Rajnish Kumar
Livemint
·
1y ago
Medial
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.
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Delhi HC orders Ashneer Grover to delete post calling SBI Chairman 'petty people'
IndianStartupNews
·
1y ago
Medial
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.
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Delhi HC Directs Ashneer Grover To Take Down Tweets Against BharatPe, Former SBI Chairman
Inc42
·
1y ago
Medial
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.
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Ashneer Grover writes to RBI for probe into BharatPe’s shareholding: Report
Business Today
·
1y ago
Medial
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.
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BharatPe Vs Ashneer Grover: Ex-MD Seeks RBI Probe Into The Fintech Unicorn’s Shareholding
Inc42
·
1y ago
Medial
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.
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Ashneer Grover writes to RBI seeking probe into BharatPe’s shareholding, licence applications
Economic Times
·
1y ago
Medial
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.
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Byju’s was in need of an experienced guide: ex-SBI chief Kumar
Livemint
·
1y ago
Medial
Former State Bank of India chairman Rajnish Kumar, who advises edtech firm Byju's, shared insights on the company's priorities and the need to address governance issues. He emphasized the importance of reducing cash burn, settling the term loan, and focusing on growth. Kumar also discussed his advice for ambitious young entrepreneurs, highlighting the significance of transparency, integrity, and experienced guidance. Regarding BharatPe, a fintech company where Kumar serves as chairman, he mentioned that governance and compliance issues have been addressed, and the focus is now on profitability. Kumar also commented on the undervaluation of SBI and the challenges banks face in raising current account and savings account (Casa) deposits.
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Former SBI Chief Rajnish Kumar appointed Chairman of Mastercard India
Livemint
·
1y ago
Medial
Former State Bank of India (SBI) chairman Rajnish Kumar has joined Mastercard as a senior advisor to its South Asia leadership team. Kumar, who led SBI for three years until October 2020, will provide guidance on navigating India's domestic payments landscape. He brings nearly four decades of experience in banking and played a pivotal role in spearheading the YONO platform during his time at SBI. Mastercard offers payment transaction processing and related services globally.
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Ashneer Grover writes to RBI for probe into BharatPe’s shareholding: Report
Business Today
·
1y ago
Medial
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.
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