‘Madhuri Jain Grover among the highest individual female taxpayers for many years’:  Ashneer Grover amid BharatPe row

Fintech unicorn BharatPe’s ousted co-founder and mercurial TV personality Ashneer Grover said in a recent tweet that his wife and former head of controls at BharatPe, Madhuri Jain Grover has paid Rs 1.15 crore in advance tax just now. He further went ahead and claimed that she is among the highest female individual taxpayers in India for many years. 

Grover also questioned venture capital partners on how much tax they have paid in India so far and claimed that most of them pay zero tax and are in Singapore or Dubai. Grover wrote, “My wife Madhuri Jain Grover submitted Rs 1.15 crore advanced tax just now. She has been among the highest individual female tax payers of India for many years. How many VC partners do you think paid as much tax in India? Not many- most of them pay zero tax being in Singapore/Dubai.”

The above tweet comes as Grover says in his book Doglapan that there is nothing wrong in giving spouses a board position as they invest in founders’ success and will be a victim of their failure. He writes, "If you choose to work with your spouse, there should be no hesitation in designating them as co-founders as well as giving them a seat on the board, by virtue of their capability but also of the fact that they are invested in your success and will be the victims of your failure, like no one else."

Grover further wrote that founders do not need to follow the Western approach of management just because your business has capital coming in from the US. The former BharatPe MD further wrote that the concept of arm’s length and the related-party transaction is “totally irrelevant” in India.

BharatPe has taken legal action against Grover, his wife, and their other family members. The fintech unicorn has filed a civil suit in the Delhi High Court, a criminal complaint with the Economic Offences Wing (EOW), and an arbitration taking back restricted shareholding and founder title from Ashneer Grover over alleged irregularities during his tenure. BharatPe has sought up to Rs 88.67 crore in damages.  

His wife Madhuri Jain Grover was head of controls at BharatPe and is one of the accused in the civil and criminal lawsuits. Charges against her include creating fake bills, enlisting fictitious vendors to provide services to the firm, overcharging the firm for recruitment, and allocating company funds towards personal use. 

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