BharatPe CEO says interim report on governance failures in two weeks

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BharatPe Chief Executive Suhail Sameer, in his communication to the staff, stated that there were two serious allegations of governance failures, which required a thorough audit of the governance practices of outside experts.

He urged co-founder Ashneer Grover with the company’s board to maintain confidence in the leadership and to submit an interim report of the auditors within the next two weeks.

Grover, who was sent on a three-month leave of absence, has denied all allegations of abusive language and fraudulent actions against Kotak Mahindra Bank employees.

“We expect the review partners to share the interim report with the board within two weeks,” he said. “At the same time, I urge you to maintain your trust in the board of BharatPay, which includes some of the best investors in the world and experience in the Indian banking industry. Whatever the Board decides, it will undoubtedly be in the best interests of our employees, traders, and customers.”

Until an audio clip appeared on social media with the claims of Grover, the company’s co-founder and managing director, BharatPay was known for its QR code aggregator app, service, and Surprise Bank license.

Kotak Mahindra Bank employees were insulted and threatened for losing share allotment during the initial public offering of FSN e-Commerce Ventures, which operates online fashion and wellness company Nykaa.

Later, Grover stated that the company’s investors had tried to go on vacation and had lost faith in CEO Sameer Suhail and should be removed.

“There is no shortage of TPV, continuous scale-up of procrastination, excellent debt collection performance, excellent growth on Payback, and like every Covid wave in the history of BharatPe, few Fab products. In December we had an annual TPV run-rate of $ 16 billion, many Markets are still affected by the Covid, but we returned to that run rate in February,” he wrote.

“The staff is pillars made by Bharatpur and they will take us to the IPO in the next 2-3 years,” the chief executive said. My only request is to remain calm, to all of us, to the board, and most importantly, to you,” he said.

“In January, the RBI approved the merger of PMC Bank with Unity (our small finance bank in partnership with the Center), and the Center and our teams are working hard to build the first truly digital bank in India.”

Earlier this month, Grover said in a media interview that he did not support current CEO Suhail Sameer and that he was an “investor puppet”. He is reported to have stated that he would leave the company only if an investor bought his 9.5 percent stake for Rs 4,000 crore (valued at $ 6 billion by BharatPe).

This complicated Grover’s attempt to oust Sameer, as both founders had to jointly agree to remove the CEO.

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