A day after Ashneer Grover, the embattled co-founder of BharatPe sought the removal of CEO Suhail Sameer from the board, the fintech start-up’s other founder Shashvat Nakrani has thrown his weight behind the chief executive, saying the official continued to enjoy his confidence.
In a move that is expected to complicate Mr. Grover’s push to oust Mr. Sameer as both the founders need to consent jointly to remove the CEO, Mr. Nakrani asserted that he himself has not given any consent or demand for such removal and that the CEO continued to enjoy his support. Legal experts contend that the CEO cannot be removed from the board on the sole demand of Mr. Ashneer Grover and any such removal can only be done jointly by both the co-founders. Lawyers also confirmed that if the CEO was a nominee of both the founders, then one founder’s unilateral withdrawal is not valid under the law.
According to the company’s Articles of Association, Mr. Sameer was jointly nominated by the two founders as the founders’ nominee on the board.