Bharat pe

Fintech platform BharatPe had sacked Madhuri Jain, the wife of its co-founder and Managing Director Ashneer Grover, on Wednesday for alleged financial irregularities during her tenure. "The whole thing is a conspiracy. Why did @mickymalka and @HarshjitSethi of @Sequoia_India seek my resignation on 19.1.22 (same day Ashneer went on voluntary leave) ?

The audio clip that ended in Koladiya allegedly using abusive language against Grover as their meeting plans to discuss and find a way through the entire saga did not turn out well. While Koladiya wanted Grover to come and meet him and Chairman of the Board of Directors, Rajnish Kumar, at a five-star hotel or a famous mall in Gurugram, he insisted on meeting them at his Panchsheel Park (New Delhi) home.

BharatPe co-founder and Managing Director Grover, in a latest letter sent to the company addressing Kumar and co-founder Bhavik Koladiya, alleged that the internal governance review was biased. "Ashneer Grover's allegations of the probe being biased hold no merit. No one ever questioned my integrity ever in my entire career and everyone knows about my credibility.

Sources on Wednesday confirmed to IANS that Madhuri Jain's contract was terminated as the probe has found misappropriation of funds during her time at the fintech platform. "Madhuri Jain's contract has been terminated and the reasons for this are misappropriation of funds and authorization of inflated bills during her tenure," said the source. BharatPe did not immediately respond to the development.

Speaking at YouTuber Raj Shamani's talk show, Grover who earlier worked with Grofers (now Blinkit) said that it is an utmost challenge to understand the unique behaviour of Indian consumers. "Indians are the world's 'most spoilt' consumers. They need everything at a cheap price, which should also be in a small size and even after that, they look out for discounts," he said.

Assuring them to have a "trust" in the Board, Suhail said that it is his "commitment, also on behalf of the wider leadership, that we'll emerge stronger from all this". He said the company will set up a town-hall meeting towards the end of this month to "share updates about governance review" and other announcements.

Ashneer Grover, co-founder and managing director of the fintech startup BharatPe, has held talks with the investors to fully exit the company.  Ashneer’s ostensible exit comes on the back of controversies surrounding financial irregularities as well as a leaked audio clip in which Grover is allegedly abusing a Kotak Mahindra Bank employee.  Ashneer Grover is currently on a temporary leave following the audio leak.

Through its legal firm, Shardul Amarchand Mangaldas, BharatPe had appointed Alvarez and Marsal, a leading management consultant and risk advisory firm, to look into financial irregularities at the firm and submit the report to the Board. Ashneer's wife Madhuri Grover served as head of control at BharatPe since incorporation and headed procurement and admin departments.

Media reports had mentioned that Grover's letter also included the consent of Mansukhbhai Nakrani to remove Sameer from the Board of Directors. Nakrani and Grover had jointly nominated Sameer as a director of the fintech platform on August 20 last year. In a statement shared with IANS, Nakrani said: "I have neither given my consent, nor sought the removal of Suhail Sameer from the Board of BharatPe.

In a letter to the board, Grover, who has gone on voluntary leave till March-end over the controversy over him allegedly using inappropriate language against Kotak Mahindra Bank's staff and BharatPe launching an independent audit of the company's internal processes and systems, asked the Board for Sameer's removal.