BharatPe today sacked Madhuri Jain Grover, wife of the firm’s co-founder and managing director Ashneer Grover, over alleged financial irregularities
Cheat SheetEdited by Animesh Singh (with inputs from PTI)Updated: February 23, 2022 2:42 pm IST
In another dramatic turn in the ongoing BharatPe controversy where corporate governance issues and alleged irregularities have come to the fore, the fintech firm on Wednesday sacked co-founder Ashneer Grovers wife Madhuri Jain Grover.
Read on to know all the major developments in the matter, here.
1. BharatPe today sacked Madhuri Jain Grover, wife of the fintech firm’s co-founder and managing director Ashneer Grover, over alleged financial irregularities and cancelled employee stock ownership plans (ESOPs) vested with her, PTI reported.
2. Madhuri Jain Grover is alleged to have used company funds for personal beauty treatments, buying electronic items and family trips to the US and Dubai, sources with direct knowledge of the matter were quoted by PTI.
3. Besides, she also allegedly paid her personal staff out of company accounts and produced fake invoices from known or friendly parties, sources added.
4. While an email sent to Ms Madhuri for comments remained unanswered, a company spokesperson confirmed the termination. “As per your query, we can confirm that services of Madhuri Jain Grover have been terminated in accordance with the terms of her employment agreement,” the spokesperson said.
5. While the spokesperson did not specify any reason behind the decision, PTI quoting sources said that the action follows an external audit commissioned by BharatPe board to look into the conduct of Grovers.
6. Stock options vested with Mr Grover’s wife have also been cancelled, they said adding the alleged financial irregularities have been detailed in the termination letter.
7. Her husband Ashneer Grover was sent on a three-month leave following allegations of using abusive language against Kotak Mahindra Bank staff and fraudulent practices. He has denied all allegations.
8. Amid growing concerns over governance issues, BharatPe had on January 29, announced that an independent audit of its internal process and systems was being conducted. Through its legal firm Shardul Amarchand Mangaldas, the company had appointed Alvarez and Marsal to conduct the audit.
9. The development had come just days after Ashneer Grover took voluntary leave till March-end. Mr Grover had taken the decision to proceed on leave on December 19, 2021 after an audio clip had exposed a huge fight between him and the Kotak Mahindra Bank.
10.Madhuri Jain Grover too had proceeded on leave soon after. She was the Head of Controls in BharatPe.