Payments group Finablr said on Monday that its founder, Indian billionaire BR Shetty, had stepped down as co-chairman and director of the company with immediate effect.

The news comes about a month after the company brought in law firm Skadden to investigate any historic potential misconduct within the group and any misappropriation of assets of Finablr.

It had previously warned of potential insolvency.

 

(Reporting by Pushkala Aripaka in Bengaluru; Editing by Shailesh Kuber) ((Pushkala.A@thomsonreuters.com; Twitter: @pullthekart; within UK: +44 20 7542 1810, outside UK: +91 80 6182 2600; Mobile: +91 852 751 3793 ;))