BharatPe's founder and former managing director Ashneer Grover recently wrote to the company's board asking them to remove co-founder Bhavik Koladiya from the board of directors, failing which he will write to the Reserve Bank of India to cancel BharatPe's banking license and applied payment aggregator's license, The Economic Times reported.
Grover has asked the board to remove him on the premise that his shares were bought by Sequoia Capital, Shashvat Nakrani, angel investor and himself.
According to the report, shares of Bhavik Koladiya, one of the original co-founders of the company, were bought in pre-series A funding by Ashneer Grover, co-founder Shashvat Nakrani and an angel investor Beenext. Notably, Koladiya was charged with credit card fraud in the US, after which he was taken off the BharatPe board.
“Any claim by anyone on shares of any other shareholder in the company is a blatant lie and has no basis in law or in contract,” the note written by Grover said. “The cap table and RoC (registrar of companies) records of the same have been diligent by numerous law firms on behalf of all the investors. The cap table of the company is also the primary document on which the Reserve Bank of India did due diligence for grant of PMC bid to BharatPe and Centrum combine,” the report said.
In March, Grover resigned from the company citing that he was forced to resign. Following this BharatPe alleged that Grover and his family were engaged in extensive misappropriation of the company's funds.