The development comes just days after BharatPe's co-founder and MD, Ashneer Grover, took a voluntary leave of absence until the end of March after being chastised for reportedly using abusive language with a Kotak Mahindra Bank employee. Grover's wife, Madhuri Jain Grover, and BharatPe's head of controls were also present during the discussion. She's also have taken a break from work. According to an audio clip released on Twitter, the pair allegedly scolded the manager for failing to secure an allotment and money for Nykaa's IPO. Grover initially claimed the clip was a prank in a tweet, but later withdrew his claim.
BharatPe has recruited the consultancy firm Alvarez and Marsal to conduct an independent audit to strengthen internal procedures and systems.
“The Board of BharatPe is committed to the highest standard of corporate governance at the company and is doing an independent audit of the company's internal processes and systems,” said the company. “BharatPe, through its legal firm, Shardul Amarchand Mangaldas has appointed Alvarez and Marsal, a leading management consultant and risk advisory firm to advise the Board on its recommendations.”
When asked if Ashneer Grover is frightened of losing his job, He declares, "I'm a builder who enjoys putting my efforts into constructing something. Anything that happens in the future, I believe, will be driven only by two factors: whether I have the flexibility to develop it and whether it is large enough to consider building. I don't have that much clarity, and no one can offer you that much clarity about the future. Wherever there is value creation, I will be.
He also remarked, "I have no fear of anything, and I know how to generate value, so I won't waste my time in politics or when value preservation is the only goal. Whatever happens, no one can take away the fact that I built BharatPe from the ground up in record time. I'm as happy as a shareholder or a founder if I don't have the same levels of freedom."
Aman Gupta (boAt co-founder), Namita Thapar (Executive Director of Emcure Pharmaceuticals), Peyush Bansal (co-founder of Lenskart), Anupam Mittal (creator of Shaadi.com), Ghazal Alagh (co-founder of Mamaearth), and Vineeta Singh (founder of SUGAR Cosmetics) are some of Ashneer Grover's fellow sharks.