INSUBCONTINENT EXCLUSIVE:
BharatPe has bought an independent audit of its processesAmid growing issues over governance issues, fintech company BharatPe revealed on
Saturday that an independent audit of its internal process and systems is being conducted.The development comes just days after its creator
Ashneer Grover took voluntary leave till March-end
Mr Grover had actually taken the decision to proceed on leave on December 19, after an audio clip had actually exposed a substantial battle
between him and the Kotak Mahindra Bank.Meanwhile Mr Grover's partner, Madhuri Jain Grover - who is also working with the business - too
proceeded on leave, firms reported
According to sources, Madhuri - who is the Head of Controls - has actually gone on leave, and with the business undertaking an independent
audit, there might be governance-related concerns at BharatPe that might now come to the fore, according to firm reports
BharatPe did not discuss Madhuri's exit
The board of BharatPe is committed to the greatest requirement of corporate governance at the company and is doing an independent audit of
the business's internal procedures and systems, the company said in a statement.BharatPe, through its legal company, Shardul Amarchand
Mangaldas has selected Alvarez and Marsal, a leading management specialist and danger advisory company to advise the board on its
recommendations, the statement further stated
The board strongly thinks in securing interests of all stake holders, consisting of customers, staff members and partners, it added, while
requesting the media to avoid speculations till the audit findings are completed.According to Reuters, the audit will evaluate if BharatPe's
senior executives are making correct internal disclosures about personal investments and check for disputes, causing a brand-new code of
conduct.BharatPe has actually come under extreme investor and media scrutiny after co-founder Ashneer Grover sought damages from Uday Kotak,
head of Kotak Mahindra Bank, alleging that the bank decreased funding for an individual financial investment, Reuters reported.Kotak
Mahindra Bank has in turn declared that Mr Grover has actually used foul and threatening language towards its staff members and booked the
right to take proper legal action against him, a legal document seen by Reuters showed.
