BharatPe’s Suhail Sameer urges employees to trust board, says ongoing audit


In an attempt to address the concerns of staff at the fintech company, BharatPe’s managing director, Suhail Sameer, wrote a letter to his employees on Friday morning saying the company is “under constant scrutiny and in the spotlight” and ” what is written is nothing”. but unsubstantiated rumours.” He said they decided to do a full audit of governance processes based on some internal complaints. “The review always confirms the most serious allegations,” he said. he writes in the letter reported to CNBC TV18.

“Let me talk first about the elephant in the room – the governance review carried out by well-known and reputable external firms…Based on some internal complaints, we decided to do a full audit of our governance processes. While many of the review’s findings are fairly standard for a rapidly growing company of our size, there are a few more serious allegations, which the review continues to substantiate,” Sameer said in the internal memo. “It’s nothing that can’t be corrected in the future, and none of it affects the medium to long-term health of the business. We expect the review partners (consultants) to share an interim report with the board in a few weeks,” Sameer reassured employees in a letter that was reviewed by CNBC TV18.

Sameer also called for employee confidence as the corporate battle between BharatPe’s board and co-founder Ashneer Grover has left staff feeling “uncertain” about the company’s future prospects. business. “In the meantime, I would just like to ask you all to keep your faith in BharalPe’s Board of Directors, which includes some of the best investors in the world and veterans of the Indian banking industry. Whatever the Board of Directors decides, there will be no doubt about it, in the best interest of our employees, our merchants and our consumers. governance processes based on certain internal complaints.

“Many of the findings of the review are fairly standard, but there are also some more serious allegations. The review always supports the most serious allegations. Even if there is nothing that cannot be corrected in the future it has no bearing on the medium and long-term health of the business,” he said.

Letter from Madhuri Jain to Alvarez and Marsal

In a separate letter, Madhuri Jain, Controller at BharatPe and wife of company co-founder Ashneer Grover, wrote a letter to Alvarez & Marsal (A&M), in which she asked the consultancy about recent media leaks and said he was considering taking legal action. Jain, in his letter, also questioned how an investigation into alleged improprieties at the fintech company is being conducted.

Jain’s letter said she was considering legal action against the company and requested an internal investigation into how the contents of the investigation undertaken by A&M were “disclosed”, ET reported.

“It is quite surprising that the report that has been made available to the media is neither available from the company nor provided to me,” Jain said in the letter to A&M Managing Director Manish Saigal. in the country.

Battle of BharatPe-Ashneer Grover

Previously, the Kotak Group had filed objections to Grover’s alleged use of inappropriate language and brash behavior. The BharatPe MD had accused the bank of failing to secure financing and the allotment of shares in the initial public offering of beauty company Nykaa.

Following the controversy, Grover and his wife Madhuri Grover took voluntary leave after the company launched an independent audit.

Media outlets have now claimed that Grover is seeking to leave the company amid allegations and is in talks with investors to sell his 9.5% stake in BharatPe which he values ​​at Rs 4,000 crore.

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