Latest News india-ASHNEER GROVER WIFE NEWS
Bharatpe, founded in 2018 is an Indian fintech-based firm that provides the QR codes for the Unified Payments Interface (UPI ), POS machine for card acceptance and helps in facilitating small business financing for small retailers and small scale commercial distributors. The Bharatpe co-founder Ashneer Grover in his early career worked as an investment banker at Kotak Mahindra bank and thereafter as a financial executive at the Grofers. He has raised an equity funding of around $600 million from top-tier fundings like Sequoia Capital India, Insight partners, etc. within just the first four years of the inception of the firm.
BharatPe ASHNEER GROVER NEWS
All the controversies sparked up back in January, when on the 19th of January, an online audio clip was leaked which was alleged to be of the BharatPe co-founder Ashneer Grover. In that clip, Grover can be heard menacing and abusing an employee from the Kotak Mahindra Bank for failing to provide an IPO Financing at NYKAA, which recorded a bumper opening at share market listing and was entitled as the most successful IPOs of 2021. According to the reports Grover had sent a legal notice to the banking firm accusing them of the failure to provide for IPO financing at NYKAA despite being promised. Soon after the audio clip went viral all over the media he declared a voluntary leave from the company till the end of March.
MADHURI JAIN on BharatPe
Madhuri Jain, the head of Control at BharatPe also declared a leave till March-end. Soon after the couple went on voluntary leave, the firm declared undertaking an independent audit of its intramural affairs and system. BharatPe appointed Alvarez and Marsal which is a legal consultant and risk advisory firm to dwell upon in the matter and provide the board with the best endorsement in context with the next decision to be taken. It was stated that the board is working its best with utmost sincerity to preserve the interests and values of all its stakeholders, employees, and customers.
It has been acclaimed that the audit is concerned with the subjects of hiring practices, fund allocation, and accounting. The elementary examination showcased fraudulence on the pretext of two major grounds. The financial misconduct was mainly alleged on the basis of two reasons. One was wrongdoings in the procedure of recruitment and the second one was payment done to non-existent vendors. It was reported that the firm used to pay the enlistment fees to the HR specialists who were responsible for the recruitment processes. It was later discovered that BharatPe was making a payment to a chain of companies that remained uninvolved in any of the hiring processes and had some secretive linkages with Madhuri Jain and his brother Shwetank Jain.
The second report soon came out that a wholesome amount of Rs. 51 Crores has been paid to approximately 30 non-existent distributors. These erroneous payments were divulged by the Directorate General Of GST Intelligence (DGGI). The investigation showed that some of the vendors never existed and were never operational with regard to the business deals.
A&M has advised the board of directors that it requires an extensive investigation to be carried out further as far as the irregularities in the finances are to be considered. It is stated that the BharatPe is now aiming for a fourth independent audit, likely to be PWC for their investigation aiming to abort the services of Ashneer Grover and Madhuri Jain from the firm as per the norms.
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