MUMBAI :
Fintech unicorn BharatPe on Tuesday mentioned it has began motion in opposition to former managing director and co-founder Ashneer Grover to claw again his restricted shares. The corporate has additionally launched a code of conduct and a vendor procurement coverage.
The company governance overview was began in January following the ouster of Grover and spouse Madhuri Jain over alleged misappropriation of funds.
The Sequoia Capital-backed fintech mentioned it is going to take all steps to implement its rights underneath the legislation.
In March, VCCircle reported that based on the shareholder settlement, Grover could need to forfeit unvested inventory choices equal to round 1.4% of his shareholding, if the PwC inquiry finds proof of misconduct in opposition to him.
The corporate has additionally terminated the companies of a number of staff in departments instantly concerned with blocked distributors, it mentioned.
“If required, the corporate will file legal circumstances in opposition to a few of these staff for the misconduct and act of dishonest dedicated by them in opposition to the corporate,” it mentioned.
The contemporary measures, taken after an in depth overview of the PwC report during the last two months, embrace a brand new code of conduct for senior administration and staff, common inner audits and a complete vendor procurement coverage that blocks distributors concerned in malpractice and mitigates the chance of staff indulging in suspicious transactions. The brand new code of conduct, BharatPe mentioned, “will likely be relevant to senior administration and staff and has now been applied. The code of conduct inter-alia offers with battle of curiosity and different points that may assist strengthen total governance within the firm.”
The corporate has additionally appointed a full-time chief human assets officer (CHRO) and an interim chief monetary officer (CFO).
“The corporate can be within the means of finalizing the candidate for the position of CFO and this will likely be closed within the present quarter,” it famous.
For its inner audit, it has roped in world audit agency Mazars India.
After resigning on 28 February, Grover had accused executives of Sequoia Capital and Ribbit Capital of being “far faraway from actuality” and treating founders as “slaves”.
For the governance overview, the corporate had appointed turnaround skilled agency Alvarez & Marsal, legislation agency Shardul Amarchand Mangaldas & Co., and consulting kind PwC to research wilful misconduct and gross negligence by Grover.
Supply: Live Mint