BharatPe has requested an independent audit of its processes
Amid growing concerns about governance issues, fintech company BharatPe announced on Saturday that an independent audit of its internal processes and systems is underway.
The development comes just days after founder Ashneer Grover voluntarily resigned until the end of March. Mr. Grover made the decision to resume his leave on December 19, after an audio recording showed saw a big fight between him and Kotak Mahindra Bank.
Meanwhile, Mr. Grover’s wife, Madhuri Jain Grover – who is also with the company – has also taken a leave of absence, the agencies reported.
According to the sources, Madhuri – Head of Controllers – has been on leave and with the company conducting an independent audit, there could be governance-related issues at BharatPe which are now possible, as reported by the agency. BharatPe did not comment on Madhuri’s departure.
“The BharatPe board is committed to the highest standards of corporate governance at the company and is conducting an independent audit of the company’s internal processes and systems,” the company said in a statement. declare.
BharatPe, through its legal firm, Shardul Amarchand Mangaldas, has appointed Alvarez and Marsal, a leading management consultant and risk consulting firm, to advise the board on its recommendations. himself, the statement added.
“The Board of Directors truly believes in protecting the interests of all stakeholders, including customers, employees and partners,” it added, asking the media to avoid speculation for until the audit results are completed.
According to Reuters, the audit will assess whether senior BharatPe executives have made appropriate internal disclosures about personal investments and check for conflicts that led to the new code of conduct.
BharatPe came under intense scrutiny from investors and the media after co-founder Ashneer Grover demanded damages from Uday Kotak, head of Kotak Mahindra Bank, alleging that the bank had refused to grant capital for a personal investment, Reuters reported.
Kotak Mahindra Bank in turn alleges that Mr Grover used “evil” and threatening language towards its employees and reserves the right to take appropriate legal action against him, a document legal as shown by Reuters.
