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Context is everything.
Detailed stories on technology startups, business and economic current affairs.
Detailed stories on technology startups, business and economic current 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.
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 …
Atanu Chakraborty’s resignation does not appear as damaging as the bank’s response to it. The ‘all is well’ narrative needs an independent audit.
Fiscal discipline holds on paper, but the number is propped up by higher borrowing and revenue sources that are far from stable.
Beyond marginal savings for consumers, the promises held out by the GST cuts are a tall order. Maybe even delusional.
