SIAC Tribunal dismisses Ashneer Grover challenge to BharatPe probe into financial irregularities

An emergency arbitrator of the Singapore International Arbitration Centre (SIAC) has refused to stay the investigation being conducted into allegations of financial irregularities on the part of BharatPe co-founder and Managing Director Ashneer Grover, PTI reports..Following calls for his exit, Grover had filed an arbitration petition claiming that the company’s investigation against him was illegal. However, the plea was rejected on all five grounds..Among the grounds claimed before the SIAC Tribunal were:- Preliminary investigation was in violation of shareholder agreement and Articles of Association. BharatPe has no authority to conduct such an investigation;- All appointments made for the independent audit of the company's internal processes and systems are bad in law;- Members of the committee reviewing governance processes, such as company CEO Suhail Sameer and the company's General Counsel Sumeet Singh, are biased..Following this development, Grover is likely to approach the Delhi High Court in appeal. Before the Tribunal, he was represented by Karanjawala & Co. Senior Advocate Abhishek Manu Singhvi appeared for BharatPe..In January, BharatPe had announced that it was conducting an investigation and audit into the alleged financial irregularities that took place when Grover was at the helm. These irregularities include multiple discrepancies around invoicing, payments for QR-code fleet, and related-party transactions resulting in a conflict of interest.Grover is currently on voluntary leave till the end of March, after a video surfaced on Twitter of him having an expletive-laden conversation with an employee of Kotak Mahindra Bank..Karanjawala & Co to represent BharatPe co-founder Ashneer Grover amid calls for his exit