Co-founder and decision maker of BharatPe, Ashneer Grover, resigned from company, days after BharatPe terminated the services of his wife and head of controls, Madhuri Jain Grover, over alleged financial irregularities.
Highlights
Following the resignation of Ashneer Grover, company noted to reserves the proper to require action on the idea of report findings. Ashneer Grover resigned, after he received the agenda for upcoming meeting that included submission of PWC report on his conduct and considering actions supported it.
BharatPe has been conducting a governance review. it’s roped in risk advisory firm Alvarez and Marsal, business firm PwC and house Shardul Amarchand Mangaldas and Co, in a very bid to probe alleged funds misappropriation and company governance issues under Ashneer Grover.
Termination of services
Earlier, BharatPe board decided to terminate the services of Grover, in light of significant charges of funds misappropriation, including GST evasion. after raids were conducted by the Directorate General of GST Intelligence (DGGI) at its head office BharatPe paid around rs.11 cr.
BharatPe BharatPe
is an Indian fintech company. It caters the payment requirement of small merchants and kirana store owners across India. BharatPe tends to offers a variety of fintech products and services including Bharat Swipe (POS machine) for card acceptance, interoperable QR code for UPI payments, and tiny business financing. It facilitates small merchants to simply accept payments through Unified Payments Interface (UPI) free, using BharatPe QR codes.
It also specialize in offering merchant loans of up to Rs 7 lakhs for 3 to 12 months.
Founder and Brand Ambassador
BharatPe was co-founded in 2018, by Shashwat Nakrani and Ashneer Grover. it’s headquartered in national capital, India. cricketers including Rohit Sharma, K.L. Rahul, Jasprit Bumrah, Suresh Raina, Mohammed Shami, Ravindra Jadeja, Prithvi Shaw, Shreyas Iyer, Shubman Gill, Sanju Samson, and Yuzvendra Chahal, were signed as BharatPe brand ambassadors in the year 2020.
