BharatPe has fired Madhuri Jain, the head of controls by and wife of founder Ashneer Grover, on the charges of ‘misappropriation of funds’, according to sources. “Ongoing probe has found misappropriation of funds during her time at BharatPe. Probe found she funded travel, skincare, and bought expensive electronics with company money. Probe found personal spends of few crores on company money, including over Rs 1 crore on holiday travels,” BharatPe sources told CNBC-TV18.
Earlier, risk advisory firm Alvarez and Marsal mentioned that there were inconsistencies in billing in dealings with vendors. They also mentioned about the payments to vendors and consultants that were non-existent, according to report.
In the last week of January, Madhuri Jain was sent on leave just a week after Grover announced his leave of absence, according to reports.
Alvarez & Marsal is likely to submit the final corporate governance review report on BharatPe next week. Then, the board of directors will meet to take the final decision.
Jain has alleged a “witch-hunt” by BharatPe chairman Rajnish Kumar and others. In a post on social media platform Twiiter, she wrote, “And these are the people @SuhailSameer14 sitting on Governance Review and passing judgement on me! Great work by @sequoia and @HarshjitSethi and chairman Rajnish Kumar for a perfectly executed witch hunt with your accomplices @sumeetsingh29 and @BhavikKoladiya @bharatpeindia.”
https://twitter.com/madsj30/status/1496304356404371456?s=20&t=qvYcZju-e0WivENo0D8_CA
She also took a dig at the audit committee by calling them “agents” of BharatPe chairman. “And Rajnish Kumar Chairman sir – your agents @AMS_Shardul and Alvarez and Marsal forgot to dig out this related party transaction. At least you could have let me prepare my kid for exam rather than call for sham conversation with these agents. 10/10 for confidentiality ! Kudos,” she added.
https://twitter.com/madsj30/status/1496312342766047235?s=20&t=qvYcZju-e0WivENo0D8_CA
Ashneer Grover earlier asked for a payout of Rs 4,000 crore from investors to buy out his stake if they want him to exit the company. Started in 2018, BharatPe offers a various rand of fintech product to small merchant. Since its launch, it has facilitated the disbursal of loans worth Rs 3,000 crore.
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