Fintech firm BharatPe on Wednesday accused the company’s founder Ashneer Grover and his family of siphoning money away from the company’s account and using company expense accounts for personal use.

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“The Grover family and their relatives engaged in extensive misappropriation of company funds, including, but not limited to, creating fake vendors through which they siphoned money away from the company’s account and grossly abused company expense accounts in order to enrich themselves and fund their lavish lifestyles,” the company said in a statement.

The company reserves all rights to take further legal action against him and his family, it added.

“As a result of his misdeeds, Mr. Grover is no longer an employee, a founder, or a director of the company,” the firm said.

BharatPe’s statement comes a day after Grover resigned as the managing director and director of the company’s board. The company’s board held a meeting late Tuesday to take Grover’s resignation on board and to review the results of an external audit report.

The fintech firm has alleged that Grover resigned minutes after receiving the notice that some of the results of the inquiry would be presented to the board. “He quickly shirked responsibility by sending an email to the Board submitting his resignation and fabricating another false narrative of the events to the public,” according to BharatPe’s statement.

However, in an exclusive interview with CNBC-TV18 post his resignation on Tuesday, Grover refuted the company’s claim and said he took the decision to quit two days back itself.

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Sources close to BharatPe said the board noted the termination of employment of Grover as a consequence of his resignation from the post of MD as well as director. However, as he resigned without the approval of the board and majority investors, consequences under the Shareholder agreement have now been triggered, they said.

According to sources, shareholder agreement allows room for legal action against Grover if found guilty of misconduct. About 1.2-1.4 percent of Grover's total shares are restricted and can be clawed back. Also, the board can take further legal action against Grover with respect to the shares held by him, they said.

Also Read: Ashneer Grover's plans ahead: 'I'm a builder interested in creating value'

(Edited by : Kanishka Sarkar)