Kotak Group to take legal action against BharatPe co-founder over 'inappropriate' phone call
Kotak Mahindra Bank stated it has sought 'appropriate legal action' against Ashneer Grover and his wife Madhuri in connection with the 'inappropriate language' in an alleged call made to the employee of Kotak Group.
Ashneer Grover, the co-founder and managing director of fintech company BharatPe, and Kotak Mahindra Group are in a legal tussle over financing FSN e-commerce initial public offering (IPO) Ventures, the parent company of Nykaa.
On Sunday, Kotak Mahindra Bank stated it seeks 'appropriate legal action' against Ashneer Grover and his wife Madhuri in connection with the 'inappropriate language' in an alleged call made to the employee of Kotak Group.
On October 30, a legal notice was released to Kotak Mahindra Group from Grover's law firm, accusing Kotak Wealth Management of allegedly pushing back on its assurances that the shares of FSN would be allotted to him and his wife, Madhuri. The notice released aims to compensate for the alleged failure of the Kotak Group in providing IPO financing and assigning shares worth Rs 500 crore before the closing of the IPO on November 1, 2021.
In their press statement, the Kotak Group said, "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."
On social media, an audio call surfaced in which Grover had allegedly made a call to a Kotak employee and used inappropriate language and threatened the employee. However, Grover denied any call made from his side. Grover took to his Twitter account and wrote, "Folks. Chill. It's fake audio by some scamster trying to extort funds (US$ 240K in bitcoins). I refused to buckle. I've got more character. And the Internet has got enough scamsters."
For nearly seven years, Grover worked as VP of Kotak Investment Banking before leaving the group in 2013.
Regstreet, Grover's law firm, sent the notice stating, Kotak's refusal to comply with its assurances on financing the IPO was on the 'pretext of' 'erratic FII movements' and 'very high lending rates.'