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.
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 …
Ashwin covered fintech and banking at The Morning Context. Previously, he was at The Economic Times, where he worked across the finance, tech and startup verticals, breaking stories related to India’s banking system, startups in the new economy, digital payments, insurance and cryptocurrencies.
Writer
ashwin@mailtmc.com
Delhi