A day after BharatPe co-founder Ashneer Grover sought the removal of CEO Suhail Sameer from the board, another founder of the fintech start-up, Shashwat Nakrani, threw his weight behind the CEO, saying the executive enjoyed his confidence. has continued to take. ,
In hopes of complicating a move by Mr. Grover to remove Mr. Sameer, as the two founders need to jointly consent to the removal of the CEO, Mr. Nakrani insisted that he himself had done so. No consent or demand has been given and that the CEO continues to enjoy their support. Legal experts argue 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. The lawyers also confirmed that if the CEO was the nominee of both founders, then the unilateral withdrawal of one founder is not valid under the law.
As per the Articles of Association of the company, Mr. Sameer was jointly nominated by both the founders as the nominees of the founders on the Board.
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