New Delhi: Fintech company BharatPe has sacked Madhuri Jain Grover, wife of Ashneer Grover, the co-founder and managing director of its controls department, on charges of financial irregularities. Is done. The shares of the company have also been taken away from them. Madhuri is accused of using company funds for personal beauty treatments, the purchase of electronic products, and foreign travel.
A BharatPe spokesperson on Wednesday confirmed Madhuri Jain Grover’s sacking from February 22 but did not specify the reason. Sources related to the matter said that BharatPe has also canceled 24 unvested and 56 vested employee stock options (ESOPs). He was sent on leave by the management only last month. Following the controversy surrounding the Grover couple, the company management had asked risk advisory firm, Alvarez & Marshall, to review the business. BharatPe has more than 75 lakh merchants in 150 cities of the country. Investors include Tiger Global, Dragoneer Investment Group, Steadfast Capital, Rabbit Capital.
What were the allegations against Madhuri in the review?
- Madhuri Jain allegedly shared confidential information, using which her father and brother did scams.
- In April 2021, he got his facial treatment done. Bought a refrigerator with two televisions (LED TV and 65-inch Sony Bravia) for my home. All these were paid from the accounts of the company.
- Company funds were used for family trips to America and Dubai.
- He also made payments to his personal staff from the accounts of the company and presented them by making fake receipts from acquaintances.
- Madhuri, who is the financial in-charge of BharatPe since October 2018, herself approved these bills.
Why has Ashneer gone on leave for three months?
Madhuri’s husband Ashneer Grover is also going on leave for three months after information about the use of abusive language with an employee of Kotak Mahindra Bank came to light. However, he has denied all these allegations.
What did Ashneer allege on the chairman?
Amidst the tussle, Ashneer Grover has accused Bharatpe board chairman Rajnish Kumar of being biased and company co-founder Bhavik Koladia of misbehaving. He also said that he wants to reserve the right to take legal action in this matter. In a letter to the board of Resilient Innovations, the parent company of BharatPe, on 22 February 2022, Ashneer said, Koladia called him to meet him and did not reveal the agenda of the meeting. When Koladia’s call came, Rajneesh was also with him at that time. On being asked the reason, Koladia misbehaved with him and used abusive words. However, Rajneesh has denied all the allegations of Ashneer.
