BharatPe is facing a controversy these days due to its founder Ashneer Grover, due to which Grover is on leave till March 31. After this controversy, BharatPe is now going to conduct an independent audit to strengthen its internal governance rules.
Meanwhile, BharatPe CEO Suhail Sameer told Moneycontrol in an interview that the board is united to take action on the matter and the review of internal governance rules should be completed by March 31, ie before the end of Grover’s leave.
Reuters quoted a source as saying that the audit will assess whether senior BharatPe executives are making proper internal disclosures about personal investments and investigating, leading to a new code of conduct. is becoming
BharatPe, which allows shop owners to make digital payments through QR codes, has come under huge investor scrutiny and controversy after its co-founder Ashneer Grover sought damages from Kotak Mahindra Bank chief Uday Kotak. He alleged that the bank refused financing for personal investments.
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Kotak Mahindra Bank has in turn alleged that Grover has used “inappropriate” and threatening language towards their employees and also threatened to take appropriate legal action against them.
Another legal document linked to the controversy shows that Grover, 39, alleged that Kotak Bank had scuttled him and his wife’s 5 billion rupees ($67 million) request at the very last minute in an IPO of an Indian beauty product company. declined to invest.
Another legal document shows that Kotak Bank cited “excessive lending rates” as reasons for refusing financing.
According to the report, a source said that investors have raised concerns about the damage to BharatPe’s image and were in talks with advisors including PwC and Alvarez & Marsal to conduct an independent audit.
Both sources said Grover has taken leave from BharatPe till the end of March in view of the ruckus created by his feud with Kotak.
BharatPe, on the other hand, has listed Tiger Global, Sequoia Capital and others as “marquee investors”, without giving details of their stake.
The source said BharatPe, which is competing with apps like SoftBank’s Paytm and Google Pay in India’s fast-growing payments market, is valued at around $3 billion and a filing for an IPO can be done within 18 months. Is.
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