With Bharatpe’s co-founder Ashneer Grover launching an offensive against the firm’s investors after facing a probe over alleged forgery, abrasive practice and corporate governance issues, the company on Friday said questioning the unity of board members and misrepresentation of happenings is painful.
” The( companionship) card in all its actions has followed due process in the best interest of the company. We would urge that the confidentiality and unity of the governance review and board convenes is being managed by all ,” BharatPe said in a statement.
The statement followed Grover, who was sent on a three-month leave following allegations of using abusive language against Kotak Mahindra Bank staff and for sham rehearsals, apparently saying he was ” arm-twisted” by the company’s investors into going on leave and that he had lost confidence in CEO Sameer Suhail.
While BharatPe has engaged Alvarez and Marsal and PwC to run a fine-tooth comb through its governance practices, Grover has affirmed all allegations.
” We are deeply agony that the integrity of the BharatPe board or individual members of the security council is being questioned again and again through misinterpreted knowledge and baseless allegations ,” BharatPe said during the statement.
It solicited imprisonment from everyone including media” and allow the governance scrutinize to come about in a careful demeanour .”
Reports claim that a preliminary investigation by an external professional has highlighted two abhorrent instances of fraud at BharatPe — recruitment and compensating non-existent marketers — and that Grover’s bride Madhuri is an integral part of both.
The company, however, said it is yet to receive any report.
” The committee is yet to receive any interim or final report of the review ,” it added.
Grover in media interrogations reportedly stated that the current CEO Suhail Sameer does not have his support and that he is the” investors’ puppet “.
He has reportedly stated that he will leave the company only if an investor buys out his 9.5 per cent of cases stake for Rs 4,000 crore( USD 6 billion valuation for BharatPe ).
BharatPe helps over 75 lakh shopkeepers across 150 metropolis. Its investors include Tiger Global, Dragoneer Investment Group, Steadfast Capital, Coatue Management, Ribbit Capital and others.
The company was better knows we its QR code aggregator app, service and surprise bank licence until an audio clip surfaced on social media with claims of Grover, who is co-founder and managing director of the house, abusing and warning a Kotak Mahindra Bank employee for missing out on share allotment during the inital public render of FSN E-Commerce Ventures, which operates online fashion and wellness fellowship Nykaa.
Grover was quick to deny the clip, saying it was ” counterfeit” and was put out by a “scamster” but he subsequently deleted the affix. It last-minute appears that he and his wife Madhuri Grover had on October 31, 2021, sent a legal notice to Kotak for failure to provide IPO financing for the Nykaa IPO.
On January 9, the Mumbai-based lender pointed out in response saying it will make action at law against Grover, who was last seen on Tv demonstrate Shark Tank.
Read more: financialexpress.com