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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.

Related News

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.

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 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.

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 seeks waiver of shareholding rule in case against BharatPe

Inshorts · 1y ago

Ashneer seeks waiver of shareholding rule in case against BharatPe

BharatPe's ex-MD Ashneer Grover has asked NCLT to waive a shareholding requirement under the Companies Act to pursue a case of oppression and mismanagement against the startup. A shareholder is required to hold at least 10% of the issued share capital of the company to file such a case. Grover has accused BharatPe's majority shareholders of oppressing the minority shareholders.

‘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.

'Pure doglapan': Ashneer Grover, Deepak Shenoy slam RBI over Paytm Payments Bank action

Startup News FYI

Startup News FYI · 1y ago

'Pure doglapan': Ashneer Grover, Deepak Shenoy slam RBI over Paytm Payments Bank action

Ashneer Grover, co-founder of BharatPe, and Deepak Shenoy, CEO of Capitalmind, criticized the Reserve Bank of India (RBI) for imposing restrictions on Paytm Payments Bank. Grover stated that RBI's moves are against fintechs and will kill the sector, calling for government intervention. Shenoy expressed shock at the RBI's action, comparing it to how the central bank handled the Yes Bank crisis. RBI justified its action citing non-compliance and supervisory concerns. PPBL clarified that the restrictions won't affect user deposits and certain services will continue as usual.

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.

BharatPe Vs Ashneer Grover: A Settlement Or Compromise?

Inc42 · 10m ago

BharatPe Vs Ashneer Grover: A Settlement Or Compromise?

Fintech unicorn BharatPe has announced the settlement of its long-standing legal dispute with former MD and co-founder Ashneer Grover. As part of the settlement, Grover will no longer have any association or shareholding in the company. The court's view on the matter is still unknown, but sources suggest that if the Grovers appeal to quash the FIR, BharatPe will not object. This settlement has raised questions about the board's decision and the impact on BharatPe's reputation. Concerns remain about the allegations and whether this settlement sets a problematic precedent for founders in similar situations.

Ashneer Grover on Paytm Crisis: 60-year-olds running RBI do not...

Livemint

Livemint · 1y ago

Ashneer Grover on Paytm Crisis: 60-year-olds running RBI do not...

Ashneer Grover, Founder of BharatPe, criticized the Reserve Bank of India (RBI) for its actions against Paytm Payments Bank (PPBL). He called the regulator's actions an "overreach" and expressed disappointment in the lack of legislation for big startups in India. Grover also highlighted the role of Paytm in India's fintech landscape, stating that it paved the way for other fintech ventures like BharatPe. He criticized the RBI's punishment of canceling the license, attributing it to a lack of trust in younger individuals and a belief that fintechs are not important.

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