EXPLAINED: Why did Ashneer Grover resign from BharatPe? All you need to know

Fintech firm BharatPe's managing director Ashneer Grover has resigned minutes after receiving an upcoming board meeting agenda, which included consideration of action against him based on report submitted by visory firm PwC. 

"Ashneer Grover resigned as Managing Director and from Board Director of BharatPe minutes after receiving agenda for an upcoming Board meeting that included submission of PWC report regarding his conduct and considering actions based on it. Board reserves right to take action based on report's findings," Bharatpe said in a statement. 

board meeting is scheduled to be held on Tuesday to discuss PwC report findings on Grover's conduct. re have been allegations of financial irregularities against him. 

Grover alleges he and his family embroiled in baseless and targeted attacks

According to sources, Grover in his resignation letter said that he is being forced to bid ieu to a company of which he is a founder.

Grover alleged in letter that he and his family have been embroiled in baseless and targeted attacks by a few individuals, who are rey to not only harm his reputation, but also reputation of company. 

Queries sent to Grover did not elicit any immediate reply. re has been an allegation of financial irregularities in company by Grover. 

development comes within a week after BharatPe sacked Grover's wife Mhuri Jain Grover, who was he of controls in company, over alleged financial irregularities and cancelled ESOPs vested with her.

She is alleged to have used company funds for personal beauty treatments, buying electronic items and family trips to US and Dubai.

Grover loses arbitration filed over company's investigation against him

Grover - who last month went on a two-month leave of absence following allegations of using abusive language against Kotak Mahindra Bank staff and fraudulent practices - h filed an arbitration plea with Singapore International Arbitration Centre (SIAC), claiming company's investigation against him was illegal.

Recently, Grover lost an arbitration that he h filed over company's investigation against him, arguing that re was no ground to stop governance review at fintech firm.

emergency arbitrator (EA) has, however, rejected all five grounds of his appeal and denied relief.

Grover h pleed before arbitrator that preliminary investigation was invalid because it violated shareholder agreement and articles of association, and company has no authority to conduct such an investigation.

He h termed all appointments for independent audit of company's internal processes and systems as b in law.