Ashneer Grover steps down as CEO of BharatPe

Amid the ongoing controversy in BharatPe, Ashneer Grover, the company's embattled co-founder and CEO, is said to have resigned from the fintech firm with immediate effect.

Grover's resignation comes nearly a day after he lost an arbitration he had filed with the Singapore International Arbitration Center (SIAC), claiming the company's investigation against him was illegal. An emergency arbitrator had held there was no reason to stop the governance review at the fintech firm, in a blow to Grover, who was fighting a boardroom battle to keep his position at the company.

"I hereby resign as the MD of BharatPe, effective immediately. I also resign as a director of the board. I will continue as the single largest individual shareholder of the company," Grover said in his resignation letter to the company.

When contacted early Tuesday morning, a BharatPe spokesman did not immediately confirm the development.

Last month, Grover took a two-month leave of absence following accusations of using abusive language against Kotak Mahindra Bank staff and fraudulent practices.

The emergency arbitrator (EA) was found to have rejected all five grounds of his appeal and denied only one relief. Grover had argued before the arbitrator that the preliminary investigation was invalid because it violated the shareholders' agreement and bylaws. The company does not have the authority to conduct such an investigation.