BharatPe’s co-founder and MD Ashneer Grover and wife Madhuri Grover sent a legal notice to Kotak Mahindra Bank’s managing director and chief executive officer Uday Kotak, one of India’s top bankers, and his senior management, accusing the bank of failing to secure financing and allocation of shares in an IPO launched by beauty firm Nykaa.
Kotak Mahindra Bank on Sunday said it is pursuing “appropriate legal action” against Ashneer Grover and his wife Madhuri in connection with the “inappropriate language” in a call allegedly made by Grover with an employee of the Kotak Group.
Describing issue
Grover’s law firm had sent a legal notice to the Kotak Group on October 30, accusing Kotak Wealth Management of allegedly going back on its assurances that the shares of FSN would be allotted to him and his wife Madhuri.
The notice sought compensation for Kotak’s alleged failure to provide IPO financing for the IPO and allocate shares worth Rs 500 crore before the closing of the IPO on Monday, November 1, 2021.
Comment from Kotak Group
On Sunday, the Kotak Group said in a media statement, “We would like to confirm that there is no breach or violation by the Kotak Group in any manner whatsoever.
This notice was received by us and was replied to appropriately at the time, including placing on record our objections to inappropriate language used by Grover. Appropriate legal action is being pursued.”
Grover’s Tweet
Audio call that had surfaced on social media last week, Grover had allegedly used inappropriate language and threatened a Kotak employee.
However, Grover had denied having made the call.
“Folks. Chill. It’s a fake audio by some scamster trying to extort funds (US$ 240K in bitcoins). I refused to buckle. I’ve got more character. And Internet has got enough scamsters.”
Mr Grover has now deleted this tweet.
About Ashneer Grover
Ashneer Grover and Shashvat Nakrani co-founded BharatPe in 2018.
BharatPe serves over 75 lakh merchants across 150 cities and has raised over $ 650 million in equity and debt so far.
Its investors include Tiger Global, Dragoneer Investment Group, Steadfast Capital, Coatue Management, Ribbit Capital and others.
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