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BharatPe gets notice from Ministry of Corporate Affairs
Details of the startup’s business model, founders’ contested stake and allotment of ESOPs to independent directors have been sought as part of a probe.
6 April, 2022•8 min
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6 April, 2022•8 min
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Editor's note: BharatPe’s board of directors has been sent a notice with a nine-page questionnaire from the Ministry of Corporate Affairs, according to two people directly aware of the matter. The ministry wants details about various aspects of the startup’s operations as well as potential irregularities including co-founder Bhavik Koladiya’s stake in the company. The notice was received by the fintech startup early last week, and it has 15 days to prepare a response, say the two people, both of whom spoke on condition of anonymity. Delhi-based BharatPe has been at the centre of controversy over the past three months, with a very public battle between the board and mercurial co-founder Ashneer Grover, who eventually resigned as managing director. An investigation commissioned by the board has uncovered potential fraud and mismanagement, while Grover has accused board members, investors and top executives of forcing him out. According to the two people cited above, the questionnaire is part of a probe launched by the MCA to investigate the various potential issues at the startup. It isn’t clear what triggered this investigation, but it may …
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