BharatPe Co-founder Ashneer Grover takes voluntary leave amid controversy

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New Delhi, Jan 19 | BharatPe Co-founder and Managing Director Ashneer Grover, facing a controversy over alleged using inappropriate language against Kotak Mahindra Bank’s staff, has taken voluntary leave till March-end, the fintech company announced on Wednesday.

Grover informed the Board of the fintech platform about his decision to proceed on leave earlier in the day.

“For now, the Board has accepted Ashneer’s decision which we agree is in the best interests of the company, our employees and investors, and the millions of merchants we support each day,” according to the company statement.

“Ashneer has co-built BharatPe from scratch and his decision is consistent with his passionate commitment to the future success of the company,” it said.

In his absence, the fintech company “will continue to be ably led by our CEO Suhail Sameer and our strong management team”.

Grover’s decision to take a voluntary leave came after he allegedly used inappropriate language against Kotak Group staffers and an ongoing tussle with the bank.

He and his wife Madhuri Grover had sent a legal notice to Kotak Mahindra Bank’s Managing Director and Chief Executive Officer Uday Kotak and to some of his senior management, accusing the bank of failing to secure financing and allocation of shares in an IPO launched by beauty firm Nykaa.

The notice sought damages for the gains Grover and his wife would have made after subscribing to shares worth Rs 500 crore in the company, besides Rs 1 lakh towards the cost of the legal notice.

Kotak Mahindra Bank had said: “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 Mr. Grover.”

“Appropriate legal action is being pursued. We would like to confirm that there is no breach or violation by the Kotak Group in any manner whatsoever,” the bank had said.

Source: IANS

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Share Market Closing Bell: Nifty ends above 15,800, Sensex gains 180 pts

Share Market Closing Bell: Nifty ends above 15,800, Sensex gains 180 pts

The benchmark Indices Nifty started on the positive side after continuous sell off in last week and has managed to settle at 15842.30 with 60 point gain or 0.38 percent. However Nifty has failed to regain 16000 levels prior to LIC listing.

While Bank nifty has managed to settle at 33597.60 levels after gaining 1.44 percent. On the sectoral front, Nifty PSU Bank, Nifty Realty and Auto have contributed 2-3 percent gain on closing basis. On the flip side Nifty IT and FMCG ended with losses of 0.75 percent and 0.35 respectively. In Nifty, EICHERMOT, APOLLOHOSP and UPL were the top gainers while ULTRACEMCO, SHREECEM and ASIANPAINT were the prime laggards.

Technically, after forming the bearish candle on the weekly chart, the index has formed a Doji candlestick on the daily chart which shows indecisiveness among the trades. Moreover, the index has also faced a resistance from falling trend lines and showed profit booking from higher levels. However, Fibonacci retrenchment also has support around 15650 levels.

Traders may find buying opportunities for short term as if 15650 levels is protected. In the hourly chart, with support of the middle Bollinger band short term upside movement is expected. Stock specific action would drive the market in coming days too.

On the derivatives front, the highest call OI is at 16000 strike price followed by 16200 strike prices while on the put side, highest OI is at 15500 strike price. INDIA VIX closed at 24.53 with gain of 4.43 percent intraday indicating volatility is going to remain till weekly expiry . On the other hand, Bank nifty has support at 32600 levels while resistance is placed at 34500 levels.

Sumeet Bagadia
Executive Director
Choice Broking

Source: Choice India

 

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