Ashneer Grover controversy: Bharatpe said, did not remove any employee, audit continues
Facing controversy over its co-founder and managing director Ashneer Grover, fintech platform BharatPe on Saturday said it has not terminated the services of any employee (including Grover) at this stage. BharatPe, which is conducting an independent audit of the company’s internal processes and systems after Grover allegedly used inappropriate language against employees of Kotak Mahindra Bank, said any reports suggesting termination are baseless. and is untrue.
“The Board remains committed to an independent and thorough audit process. No action has been or will be taken until the audit is completed,” the company said in a latest statement.
BharatPe said in an earlier statement that through its law firm Shardul Amarchand Mangaldas, it has appointed Alvarez & Marsal, a leading management advisory and risk advisory firm, to advise the board on its recommendations. BharatPe’s board is “committed to the highest standard of corporate governance in the company and is conducting an independent audit of the company’s internal processes and systems”.
Grover has taken voluntary leave till the end of March, while his wife Madhuri Jain Grover, who is the controlling head at the fintech company, has also gone on leave following the controversy. In Grover’s absence, the fintech company has appointed Suhail Sameer as CEO.
Grover took the decision to take voluntary leave after allegedly using inappropriate language against employees of Kotak Group and an ongoing dispute 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 some of his senior management, accusing the bank of failing to secure financing and allotment of shares in an IPO. was accused. Beauty firm Nykaa.
In the notice, Grover and his wife sought damages for profit after subscribing to shares worth Rs 1 lakh for the price of the legal notice in addition to Rs 500 crore shares in the company. On its part, Kotak Mahindra Bank had said: “This notice was received by us and appropriately responded at that time, including recording our objections to the inappropriate language used by Mr. Grover.
“Appropriate legal action is being taken. We would like to confirm that there is no violation or violation in any way by Kotak Group.”
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