BharatPe founder Ashneer Grover's wife also goes on leave amid governance probe

the latest tech news, global tech news daily, tech news today, startups, usa tech, asia tech, china tech, eu tech, global tech, in-depth electronics reviews, 24h tech news, 24h tech news, top mobile apps, tech news daily, gaming hardware, big tech news, useful technology tips, expert interviews, reporting on the business of technology, venture capital funding, programing language

#Ashneer Grover, #BharatPe, BharatPe CEO Suhail Sameer had said, Moneycontrol reported on January 9, 2022

Ashneer Grover, co-founder and managing director, BharatPe

One week after BharatPe founder Ashneer Grover was put on a leave of absence by his board, his wife Madhuri Jain Grover, Head of Controls at the $3 billion fintech has also gone on leave as scrutiny over the company’s practices grow, said sources aware of the matter, requesting anonymity.

the latest tech news, global tech news daily, tech news today, startups, usa tech, asia tech, china tech, eu tech, global tech, in-depth electronics reviews, 24h tech news, 24h tech news, top mobile apps, tech news daily, gaming hardware, big tech news, useful technology tips, expert interviews, reporting on the business of technology, venture capital funding, programing language

While Grover took a leave of absence till March-end amid in response to backlash regarding his abusive language to a Kotak employee, toxic culture at BharatPe, and brash behaviour, his wife also going on leave signifies larger issues around governance at BharatPe, these sources said.

BharatPe’s board and external consultants are conducting a forensic investigation into the company’s practices, including accounting, approval processes, expenses and hiring. A spokesperson did not immediately respond to queries seeking comment

Global Tech News Daily

“This is not about a personal dispute or a legal notice to Uday Kotak anymore. The fact that his wife also has gone on leave shows the scope of the board’s investigation has widened. Ashneer’s return now looks increasingly difficult,” a person familiar with the development said.

Another person confirmed that a full-scale investigation into governance processes at BharatPe- known for its QR code aggregating app and lending platform, adding that the board is conducting several interviews to find out areas where practices were falling short of adequate standards.

Global Tech News Daily

Madhuri Jain Grover, who heads Controls at BharatPe was as powerful as Grover when it came to running the company, people say. A graduate of the National Institute of Fashion Technology, she worked in the fashion and design industry before joining BharatPe in October 2018

In an interview with Moneycontrol on January 27th, 2022, BharatPe CEO Suhail Sameer had said the board is doing a thorough review. “Whatever we decide will be in the best interest of BharatPe, our customers, and our employees.”

He further said while Ashneer Grover has been central to getting the company this far, any company “does not run solely on one individual.”

The board is looking into issues including invoices possibly being over-inflated and some vendors possibly being fake, said a person directly aware of the matter, who did not want to be named. This person also suggested the possibility that when a merchant recorded a transaction, BharatPe may have inflated the value of these transactions.

Reuters reported earlier today that BharatPe may undergo a governance audit, and is in talks with firms including PwC and Alvarez & Marsal to bolster its internal governance including disclosures about personal investments and possible conflicts.

Grover’s fortunes have rapidly unraveled in the last two weeks, from being recognized as the founder of one of India’s hottest startups to being blamed for all that is wrong with the Indian startup ecosystem. Things escalated after Moneycontrol reported on January 9, 2022 that Ashneer Grover and his wife Madhuri Grover sent a legal notice to Kotak Mahindra Bank managing director and chief executive officer Uday Kotak, one of India’s top bankers, and his senior management, accusing the bank of failing to secure financing and allocation of shares in an IPO launched by beauty firm Nykaa IPO.

Kotak Group in turn alleged that Grover used foul and threatening language towards its employees and that it reserved the right to take legal action against him.

Moneycontrol reported earlier that BharatPe’s board of directors – investors from Sequoia India, Ribbit Capital, Coatue Management, and senior bankers– ex-SBI Chairman Rajnish Kumar and ex-Union Bank Chairman Kewal Handa– were unanimously insisting that Grover needs to leave for some time. They saw this as a personal issue and hence decided to send him on leave instead of firing him. While the altercation with Kotak was of a personal nature, Grover’s rude demeanor has previously antagonized investors and senior employees.

In late 2020, Suhail Sameer, a veteran of the RP Sanjiv Goenka Group joined BharatPe and became its CEO, handling daily operations, leaving Grover to oversee fundraising and big picture plans. Sameer and Grover both sit on BharatPe’s board. Sameer and co-founder Bhavik Koladiya will continue to manage day-to-day operations.

News Related

OTHER NEWS

Philippe Coutinho's agent has already revealed his thoughts on Liverpool transfer return

jQuery(function(){ if (typeof jwplayer_load == typeof indefined) { var jwplayer_load = 1; jQuery(window).load(function(){ jQuery(".sc_video_shortcode_jwplayer").each(function(){ var _this = $(this); jQuery.get(jQuery(this).attr("url"), function(data, status){ if (typeof data.split("\n") !== typeof undefined) { var src ... Read more »

Araujo taken in ambulance after sickening clash of heads with Barcelona teammate Gavi

Barcelona defender Ronald Araujo was taken off the pitch in an ambulance during their match against Celta Vigo and rushed to hospital. The Uruguayan was involved in a sickening clash ... Read more »

Aston Villa vs Liverpool: Report and player ratings Sadio Mane gives Reds a Premier League title boost

A much-changed Liverpool side came from behind to win at Villa Park to keep the pressure on league leaders Manchester City Read more »

Liverpool vindicated Jurgen Klopp’s risky rotation policy by doing just enough to beat wasteful Aston Villa

Klopp demoted Mo Salah to the bench and Andy Robertson from the squad but Liverpool had enough to reserve to bounce back from Saturday’s disappointment Read more »

Gary Lineker offers solution to Coleen Rooney and Rebekah Vardy 'Wagatha Christie' case

Gary Lineker has offered a funny solution to the “Wagatha Christie” court case between Coleen Rooney and Rebekah Vardy. Coleen is being sued by Rebekah for libel at the High ... Read more »

FIFA chief Gianni Infantino announces plans to create football game to rival EA Sports

FIFA are planning to create their own football video game after it was announced their three-decade partnership with EA Sports is coming to an end. EA Sports have confirmed FIFA ... Read more »

Fabinho injury: Liverpool midfielder suffers suspected hamstring issue ahead of FA Cup final against Chelsea

The Brazilian pulled up as he sprinted after Philippe Coutinho and had to be replaced by Jordan Henderson at Villa Park Read more »

Man Utd youth coach assesses club's "exciting" kids and his own rise ahead of cup final

Justin Cochrane started his coaching career while a teenage player at QPR when he placed an advert in his local paper for juniors to teach. It didn’t make big news ... Read more »

One year on from football's social media blackout - what's changed?

More than one year on from the social media boycott aimed at tackling discrimination and vile abuse online has anything really changed? You'll remember that at the end of April ... Read more »

European transfer news: Real Madrid up stakes for Kylian Mbappe plus Casemiro exit

Real Madrid have long been linked with Paris Saint-Germain striker Kylian Mbappe and despite speculation the France star is set to sign a new contract with the Ligue 1 giants ... Read more »

Sadio Mane's 'childhood dream' comes to light as Liverpool star linked with summer exit

Sadio Mane 's dream destination has come to light amid links of a summer transfer to Bayern Munich. The Liverpool star is yet to sign a new contract with the ... Read more »

Jadon Sancho's Erling Haaland plea falls on deaf ears as he ignores Man Utd star's wishes

jQuery(function(){ if (typeof jwplayer_load == typeof indefined) { var jwplayer_load = 1; jQuery(window).load(function(){ jQuery(".sc_video_shortcode_jwplayer").each(function(){ var _this = $(this); jQuery.get(jQuery(this).attr("url"), function(data, status){ if (typeof data.split("\n") !== typeof undefined) { var src ... Read more »

Edu 'steps up' Arsenal transfer efforts for £17m Scotland star to replace Nuno Tavares

Arsenal have reportedly stepped up their attempts to sign Scotland star Aaron Hickey as a replacement for Nuno Tavares. After laying out the Gunners' transfer plans, technical director Edu is ... Read more »

Newcastle prepare summer transfer cull with as many as 10 stars 'facing axe'

jQuery(function(){ if (typeof jwplayer_load == typeof indefined) { var jwplayer_load = 1; jQuery(window).load(function(){ jQuery(".sc_video_shortcode_jwplayer").each(function(){ var _this = $(this); jQuery.get(jQuery(this).attr("url"), function(data, status){ if (typeof data.split("\n") !== typeof undefined) { var src ... Read more »

5 Man City casualties from Erling Haaland transfer including brand new signing

The sight of Erling Haaland arriving at Manchester City will send tremors of terror throughout the Premier League – and perhaps to his team-mates as well – as the champions ... Read more »

Chelsea ace Antonio Rudiger signs Real Madrid contract with huge release clause

Chelsea defender Antonio Rudiger has now penned a bumper pre-contract agreement with Real Madrid to bring his five-year stint at Stamford Bridge to an end, according to a new report. ... Read more »

Ole Gunnar Solskjaer was spot on about Erling Haaland after revealing thoughts on Man Utd

jQuery(function(){ if (typeof jwplayer_load == typeof indefined) { var jwplayer_load = 1; jQuery(window).load(function(){ jQuery(".sc_video_shortcode_jwplayer").each(function(){ var _this = $(this); jQuery.get(jQuery(this).attr("url"), function(data, status){ if (typeof data.split("\n") !== typeof undefined) { var src ... Read more »

Fifth senior Man Utd figure leaves club as chief strategy officer exits in reshuffle

Manchester United have told their employees chief strategy officer Hemen Tseayo is stepping down from his position. A new era began at Old Trafford in February when Richard Arnold became ... Read more »

7 flops who cost more than Erling Haaland after bargain Man City transfer announced

The capture of Erling Haaland has sent pulses racing amongst Manchester City fans as the Premier League prepares to welcome the Norwegian hot-shot. The champions have agreed a £51million deal ... Read more »

Arsenal desperate to prevent Eddie Nketiah exit with six Premier League rivals keen

jQuery(function(){ if (typeof jwplayer_load == typeof indefined) { var jwplayer_load = 1; jQuery(window).load(function(){ jQuery(".sc_video_shortcode_jwplayer").each(function(){ var _this = $(this); jQuery.get(jQuery(this).attr("url"), function(data, status){ if (typeof data.split("\n") !== typeof undefined) { var src ... Read more »

Pep Guardiola reacts to uproar over Liverpool comments after Jurgen Klopp response

jQuery(function(){ if (typeof jwplayer_load == typeof indefined) { var jwplayer_load = 1; jQuery(window).load(function(){ jQuery(".sc_video_shortcode_jwplayer").each(function(){ var _this = $(this); jQuery.get(jQuery(this).attr("url"), function(data, status){ if (typeof data.split("\n") !== typeof undefined) { var src ... Read more »

Brighton starlet attracting transfer attention days after returning from loan

Highly-rated Brighton goalkeeper Carl Rushworth is back training with the Premier League club after his loan at Walsall ended. Rushworth made 43 appearances for Walsall keeping 11 clean sheets for ... Read more »

Lazio president responds to Man Utd's transfer 'interest' in Sergej Milinkovic-Savic

Lazio president Claudio Lotito insists Sergej Milinkovic-Savic is not for sale amid rumours linking him with both Juventus and Manchester United. The Serbia international, 27, has impressed for Lazio this ... Read more »

Cristiano Ronaldo's seven-year prediction on £30m Arsenal transfer speaks volumes

jQuery(function(){ if (typeof jwplayer_load == typeof indefined) { var jwplayer_load = 1; jQuery(window).load(function(){ jQuery(".sc_video_shortcode_jwplayer").each(function(){ var _this = $(this); jQuery.get(jQuery(this).attr("url"), function(data, status){ if (typeof data.split("\n") !== typeof undefined) { var src ... Read more »

Gary Lineker hits out at Patrice Evra for talking "utter nonsense" about Pep Guardiola

Gary Lineker has responded to Patrice Evra's claim that Pep Guardiola doesn't want any leaders at Manchester City due to his management. The former Manchester United defender believes the Spaniard ... Read more »

Stats show Antonio Conte justified in hitting back at Jurgen Klopp's Liverpool 'excuses'

jQuery(function(){ if (typeof jwplayer_load == typeof indefined) { var jwplayer_load = 1; jQuery(window).load(function(){ jQuery(".sc_video_shortcode_jwplayer").each(function(){ var _this = $(this); jQuery.get(jQuery(this).attr("url"), function(data, status){ if (typeof data.split("\n") !== typeof undefined) { var src ... Read more »

Borussia Dortmund immediately name Erling Haaland replacement amid failed Man Utd attempt

Borussia Dortmund have already replaced Erling Haaland by snapping up RB Salzburg hotshot Karim Adeyemi – despite Manchester United's late attempt to hijack the deal. Dortmund have been braced for ... Read more »

Patrick Vieira selects best players he played with and against during legendary career

Patrick Vieira has named Zinedine Zidane, Dennis Bergkamp and Thierry Henry as the best three players he played with during his illustrious playing career. Vieira, who is now the manager ... Read more »

Ralf Rangnick's 4 most controversial Man Utd remarks as Rio Ferdinand calls him "distasteful"

jQuery(function(){ if (typeof jwplayer_load == typeof indefined) { var jwplayer_load = 1; jQuery(window).load(function(){ jQuery(".sc_video_shortcode_jwplayer").each(function(){ var _this = $(this); jQuery.get(jQuery(this).attr("url"), function(data, status){ if (typeof data.split("\n") !== typeof undefined) { var src ... Read more »

Roy Hodgson responds to angry Watford fan backlash after his "snub" at Crystal Palace

Roy Hodson has apologised to Watford fans for failing to acknowledge them in the dark hour of relegation but insisted: “I didn't snub them deliberately.” As their relegation to the ... Read more »

Jesse Marsch quotes Gandhi, JFK and Mother Teresa in bizarre Leeds survival team talk

It is hardly “we’ll fight them on the beaches” stuff, but Jesse Marsch is using sayings by Gandhi and Mother Teresa to fire up his Leeds players for their relegation ... Read more »

Birmingham could sign ex-Atletico Madrid and Chelsea striker if Maxi Lopez buys club

Former Argentine footballer Maxi Lopez wants to sign free agent Diego Costa if he gets control at Birmingham. Birmingham’s Chinese owners are ready to sell a stake in the club ... Read more »

Jose Mourinho demands "explanation" and "respect" in furious Roma outburst

Jose Mourinho has demanded that Roma receive an “explanation” for decisions that went against them in their bruising 2-0 defeat to Fiorentina on Monday. The Giallorossi, not so fresh from ... Read more »

FA Youth Cup final 2022: Man Utd stars to watch vs Nottingham Forest, from Alejandro Garnacho to Joe Hugill

United take on Nottingham Forest at Old Trafford on Wednesday bidding for a record 11th competition triumph Read more »

Antonio Conte taunts Jurgen Klopp with strong response to Liverpool boss' dig

Antonio Conte has hit back at Jurgen Klopp's analysis of his Tottenham side, insisting that Liverpool were lucky to escape with a point from their weekend meeting at Anfield. Spurs ... Read more »

5 free agents Erik ten Hag could target with Man Utd summer transfer budget in question

jQuery(function(){ if (typeof jwplayer_load == typeof indefined) { var jwplayer_load = 1; jQuery(window).load(function(){ jQuery(".sc_video_shortcode_jwplayer").each(function(){ var _this = $(this); jQuery.get(jQuery(this).attr("url"), function(data, status){ if (typeof data.split("\n") !== typeof undefined) { var src ... Read more »

Man City confirm sensational Erling Haaland transfer to sign Europe's hottest property

Manchester City have announced the stunning capture of Erling Haaland after meeting his release clause at Borussia Dortmund. The Norway international, 21, has arguably been the most sought-after player in ... Read more »

Man Utd 'prepare formal bid' for Portuguese youngster who impressed Bruno Fernandes

Manchester United are reportedly preparing a 'formal proposal' for Sporting Lisbon centre-back Goncalo Inacio. Inacio, who came through Sporting's youth ranks, made his senior breakthrough in the 2020/21 season after ... Read more »

Jack Wilshere in Denmark: How Arsenal hero has fared as he provides vital assist

11 years ago this month, Jack Wilshere was fulfilling media duties for England ahead of the Three Lions Euro 2012 qualifying clash against Switzerland. Not one reporter in the room ... Read more »

Erling Haaland transfer: Man City confirm agreement in principle to sign Borussia Dortmund striker for £64m

City are still finalising terms with Haaland, who passed a medical in Belgium on Monday Read more »