Saturday , June 25 2022

BharatPe likely to fire co-founder Ashneer Grover amid fraud concerns

Narasi.net – The Bharatpe board has decided to discontinue the services of Ashneer Grover,
co-founder and corporate managing director, said two people familiar with the growth.

The provision is based on an initial internal investigation that has raised indications of financial fraud, said the people who requested anonymity.

Corporate has engaged law firms and risk advisory consultants to carry out a more detailed investigation, the results of which are expected to take two months.

Corporate this week also suspended 15 employees, including Madhuri Jain, head of control at Bharatpe, who is married to Grover, one of the two said.

Jain has led procurement, finance, and human resources since the company’s inception. She is a graduate of the National Institute of Fashion Technology, and she ran a fashion boutique before joining Bharatpe.

“Sometimes, corporations do try to hire a qualified CFO (Chief financial officer), but Grover refuses to do so,” said the person. Bharatpe denied that the company had fired its employees.

“The Bharatpe Board has not terminated the service of any employee at this stage. Reports suggesting any termination are baseless and invalid.

The Board remains committed to an independent and full audit process. No action has been taken or will be taken until the audit is complete,” the company said in a statement.

“We once again urge the media not to speculate on the report beforehand and carry out an evaluation based on undisclosed sources.” Previously, the chief executive Bharatpe Suhail
Sameer also denied the growth and said Jain had not left the company.

“The Bharatpe Board is committed to the highest standards of corporate governance at the corporate level and conducts independent audits on internal corporate processes and platforms.

Bharatpe, through his law firm, Shardul Amarchand, has appointed Alvarez and Marsal, a leading management consulting and risk advisory firm, to advise the board on its recommendations.

The board truly believes in protecting the interests of all stakeholders, including customers, employees and friends,” the corporate said in a statement.

The board did not respond to specific questions about Jain’s departure and allegations of fraud.

The growth around its controversial founder has snowballed at Bharatpe since the appearance of an audio clip in which Grover is heard threatening a Box Wealth Management employee for failing to secure financing for Nykaa’s initial share sale.

On January 19, Grover was dispatched on a two-month voluntary perlop until the end of March. “That’s because the council wanted to investigate some things during that time. A few days after that, Ashneer was given a “Mandatory” pass,” the person said.

“He has been instructed not to speak to any of Bharatpe’s employees or investors.” board that the audio was fake.

This is a larger matter of financial fraud for which Ashneer, his wife Madhuri and five other people (relatives of the couple, all of whom are not employees) are being investigated.”

Initial internal investigations have pegged the magnitude of the financial error at double-digit crores, the person said.

Now questions are being asked about Grover’s realty purchases made during 2021. “In the past year, Ashneer has bought two houses worth over 20-30 crore each.

Don’t understand how he could fund a purchase of that size,” said the third person, who was clearly an internal discussion.

Grover and Jain didn’t immediately respond to separate messages with detailed questions until they filed a report. The board has found indications of a “planned” fraud and is awaiting more conclusive evidence.

before taking legal action. “Investors are not in the mood to let this go, and they want to set an example from this,” said the first, noting that legal action to reclaim Grover’s equity in the company is also being evaluated.

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