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Suhail Sameer, the chief executive of BharatPe, is set to step down from the top position in the coming weeks.
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BharatPe said Sameer would be stepping into an advisory role in the strategic direction beginning on January 7.
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And the Chief Financial Officer, Nalin Negi, will be taking over as acting chief executive.
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"We have recognized the need to dedicate time and resources to finding the leader who will continue to catapult BharatPe to new heights, and we are grateful for the commitment from Suhail and Nalin."
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"We look forward to supporting Nalin Negi in his role as the interim-CEO, as we move ahead in our mission of empowering millions of MSMEs with a range of world-class financial products," said Rajnish Kumar, Chairman of BharatPe Board, in a statement.
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The decision is a result of BharatPe CEO Ashneer Grover being forced to leave the company last year due to an eerie public confrontation with the board of the company.
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Grover was accused of having been a fraudster and abused company funds.
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The company also filed suit against Grover and his wife, Madhuri Jain, to recover damages amounting to $10.7 million in the last month.
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Sameer became Chief Executive Officer in the 2nd quarter of 2021.