BharatPe sacks Ashneer Grover’s wife Madhuri Jain for alleged misappropriation of funds
According to sources with knowledge of the situation, Madhuri is accused of misusing business cash for personal beauty treatments, the purchase of electronic equipment, and family visits to the United States and Dubai.
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FollowBharatPe has dismissed Madhuri Jain Grover, the wife of the fintech firm's co-founder and managing director Ashneer Grover, for suspected financial violations and revoked ESOPs she held. According to sources with knowledge of the situation, Madhuri is accused of misusing business cash for personal beauty treatments, the purchase of electronic equipment, and family visits to the United States and Dubai. She also reportedly paid her personal employees from corporate accounts and created fraudulent invoices from known/friendly parties, according to the charges.
Meanwhile, a corporate representative confirmed the firing. "In response to your inquiry, we can confirm that Madhuri Jain Grover's services have been terminated by the terms of her employment agreement," the spokesman stated.
The representative did not provide any explanation for the termination. According to sources, the move results from an external audit commissioned by the BharatPe board to investigate Grovers' behaviour. According to PTI, BharatPe chief executive Suhail Sameer stated in a letter to staff that the company has ordered an audit by reputable external companies (SAM, Alvarez and Marsal (A&M), and PwC). The audit is intended to determine if the company's senior executives are making sufficient internal disclosures regarding personal interests and to look for conflicts.
Madhuri's stock options have also been terminated, sources claimed, adding that the suspected financial violations are highlighted in the termination letter. BharatPe, which lets shop owners to accept digital payments using QR codes, faced severe investor scrutiny ahead of its Initial Public Offering (IPO) after Ashneer Grover sued Uday Kotak, the CEO of Kotak Mahindra Bank. Her spouse was placed on leave for three months following charges of using harsh language toward Kotak Mahindra Bank employees and engaging in fraudulent operations. He has refuted all charges.
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