The Board of BharatPe has decided to terminate Ashneer Grover, the company’s co-founder and managing director from its services as he is accused of getting indulged into some fraud concerns.
About the decision
The decision is based on a preliminary internal investigation that has thrown up indications of financial fraud, the people said, requesting anonymity. The company has engaged a law firm and a risk advisory consultant to conduct a more detailed investigation, the results of which are expected to take two months.
Company terminates 15 employees from service
The company this week has also terminated the services of 15 employees, including Madhuri Jain, head of controls at BharatPe, who is married to Grover, one of the two people said. Jain helmed procurement, finance and human resources from the company’s early days.
Company breaks silence:
However, reports said that “The board of BharatPe has not terminated the services of any employee till now. It also said that reports suggesting any termination are baseless and untrue. The board remains committed to an independent and thorough audit process.
Further the company in a statement said that “No action has been taken or will be taken till the audit has been completed.” “We again urge the media not to speculate in advance of the report and make a judgement based on uninformed sources.”
Earlier, BharatPe chief executive Suhail Sameer also denied the developments and said Jain has not left the company.
“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, through its legal firm, Shardul Amarchand, has appointed Alvarez and Marsal (A&M), 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 in a statement. It did not respond to specific queries about Jain’s departure and allegations of fraud.
