Ashneer Grover likely to be sacked from BharatPe: Sources

Fintech unicorn BharatPe is likely to sack its co-founder and Managing Director Ashneer Grover amidst a raging controversy over funds embezzlement and corporate governance, two sources familiar with the developments said.

This comes after BharatPe confirmed to Business Today that it has terminated the services of Madhuri Jain, Grover’s wife and the company’s ex-head of controls, who was involved in recruitment and financial operations of the New Delhi-based company.
 
“There are serious lapses which have happened when it comes to funds utilization under Ashneer’s nose and hence that may lead to his ouster from the MD role. As far as his role as a stakeholder is concerned, his ask is too high, especially looking at the downturn fintech unicorns like Paytm have faced. Sequoia Capital, which owns nearly 20% stake in the firm, has been negotiating but seemingly the talks have fallen through,” two sources privy to the development said.

BharatPe is yet to respond to our queries. Grover has also declined to comment.

Meanwhile, top officials within the company have confirmed that the governance review report by PwC, Alvarez and Marsal, and Shardul Amarchand Mangaldas and Co will be presented before the BharatPe board next week.
 
At the same time, Grover has filed a plea before the Singapore International Arbitration Centre stating that the ongoing corporate governance review is not valid and in violation of the shareholder agreement between him and the company. Grover has also sought indemnity rights from any future liabilities in case a settlement is arrived at.
 
One of the sources quoted above said that BharatPe is authorized to present the report findings before SIAC and that the tribunal may take cognizance of the same.

“Negotiations between the Grover couple and the BharatPe board haven’t worked and the legal tussle is just a matter of time,” a source added.
 
Meanwhile, Grover’s wife Jain has been posting tweets featuring audio calls between BharatPe management — including CEO Suhail Sameer, BharatPe board chairman Rajnish Kumar and co-founder Bhavik Koladiya — asking Grover to meet them and accept Jain’s resignation.
“On 22.2.22 @BhavikKoladiya (BharatPe 3rd party vendor as per Company) called from Rajnish Kumar Chairman home seeking meeting. What was he doing at Rajnish’s house ? What strategy / conspiracy were they discussing ? Why did he threaten Ashneer on being asked agenda and abuse?,” Jain said in a series of of tweets.

On 22.2.22 @BhavikKoladiya (BharatPe 3rd party vendor as per Company) called from Rajnish Kumar Chairman home seeking meeting. What was he doing at Rajnish’s house ? What strategy / conspiracy were they discussing ? Why did he threaten Ashneer on being asked agenda and abuse? pic.twitter.com/QsWVQEMNNQ

— Madhuri Jain Grover (@madsj30) February 23, 2022

Jain had also questioned the work culture at BharatPe by tweeting videos of a party in the office premises and alleging them to be a chauvinist team.
In response BharatPe told BT, “As per your query, we can confirm that the services of Madhuri Jain Grover have been terminated in accordance with the terms of her employment agreement.”