BharatPe founder’s wife also goes on leave, firm begins independent audit


After BharatPe Co-founder and Managing Director Ashneer Grover, who is facing a controversy for allegedly using inappropriate language against Kotak Mahindra Bank’s staff, took voluntary leave till March-end, his wife Madhuri Jain Grover, who is the Head of Controls at the fintech company, has also gone on leave now.

In a statement, the company said on Saturday that the board of BharatPe is “committed to the highest standard of corporate governance at the company and is doing an independent audit of the company’s internal processes and systems”.

BharatPe said that through its legal firm, Shardul Amarchand Mangaldas has appointed Alvarez and Marsal, a leading management consultant and risk advisory firm to advise the Board on its recommendations.

“The Board strongly believes in protecting the interests of all stakeholders, including customers, employees and partners,” the company said.

On January 19, Ashneer Grover took voluntary leave till March-end.

“For now, the Board has accepted Ashneer’s decision which we agree is in the best interests of the company, our employees and investors, and the millions of merchants we support each day,” a company statement had said.

In his absence, the fintech company “will continue to be ably led by our CEO Suhail Sameer and our strong management team”.

Grover’s decision to take a voluntary leave came after he allegedly used inappropriate language against Kotak Group staffers and an ongoing tussle with the bank.

He and his wife Madhuri Grover had sent a legal notice to Kotak Mahindra Bank’s Managing Director and Chief Executive Officer, Uday Kotak, and to some of his senior management, accusing the bank of failing to secure financing and allocation of shares in an IPO launched by beauty firm Nykaa.

The notice sought damages for the gains Grover and his wife would have made after subscribing to shares worth Rs 500 crore in the company, besides Rs 1 lakh towards the cost of the legal notice.

On its part, Kotak Mahindra Bank had said: “This notice was received by us and was replied to appropriately at the time, including placing on record our objections to inappropriate language used by Mr. Grover.

“Appropriate legal action is being pursued. We would like to confirm that there is no breach or violation by the Kotak Group in any manner whatsoever.”



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