BharatPe’s Suhail Sameer Urges Employees to Trust the Board, Says Audit in Process

In an try to handle the considerations of the employees of the fintech agency, BharatPe‘s chief government Suhail Sameer has written a letter to its staff on Friday morning saying the corporate is “under constant scrutiny and spotlight” and “what is being written is nothing but unsubstantiated rumors”. audit of the governance processes based mostly on some inner complaints. “Review is still substantiating the more serious complaints,” he wrote in the letter reported CNBC TV18.

“Let me talk about the elephant In the room first – the governance review being carried out by well-known and reputed external firms… Based on some internal complaints, we decided to do a full audit of our governance processes. While many of the findings of the review are pretty standard for a fast growth company of our size, there are a couple of more serious, which the review is still substantiating,” said Sameer in the internal memo. “ This is nothing which can’t be corrected going forward, and none of it has any bearing on 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 couple of weeks,” reassured Sameer to employees in a letter that has been reviewed by CNBC TV18.

Sameer also called for employee trust, as the corporate battle between BharatPe’s board and cofounder Ashneer Grover has left the staff with a sense of ‘uncertainty’ on the future prospects of the company. “ Meanwhile, I would just request all of you to keep your trust on the board of BharalPe, which comprises some of the best investors in the world, and veterans of the Indian banking industry. Whatever the board decides will be beyond doubt, in the best interests of our employees, our merchants and our consumers.Sameer added governance review is being carried out by Shardul Amarchand Mangaldas, Alvarez & Marsel and PwC after the management decided to do a full audit of the governance processes based on some internal complaints.

“Many findings of the review are pretty standard, but there are a couple of more serious as well. The review is still substantiating the more serious. Even as there’s nothing which can’t be corrected going forward; it has no bearing on the medium to long term health of the business,” he said.

Madhuri Jain’s Letter to Alvarez & Marsal

In another letter, Madhuri Jain, controller at BharatPe and wife of the company’s cofounder Ashneer Grover, has written a letter to Alvarez & Marsal (A&M), in which she has questioned the consulting firm about the recent media leaks and said he was considering taking legal action. Jain, in her letter, has also questioned the manner in which a probe into alleged irregularities at the fintech firm is being conducted.

Jain’s letter said that she was considering legal action against the firm, and has demanded an internal investigation on how the contents of the probe undertaken by A&M were allegedly ‘leaked’, ET reported.

“It is quite surprising that the report which has been made available to the media is neither available with the company nor has been provided to me,” stated Jain within the letter addressed to Manish Saigal, A&M’s managing director within the nation.

BharatPe-Ashneer Grover Tussle

Earlier, Kotak Group positioned on file its objections to Grover’s alleged use of inappropriate language and brash behaviour. The BharatPe MD had accused the financial institution of failing to safe financing and allocation of shares in magnificence agency Nykaa’s preliminary public providing.

Following the controversy, Grover and his spouse Madhuri Grover, took a voluntary depart of absence after the corporate initiated an impartial audit.

Media experiences have now claimed that Grover is trying to exit the agency amid and is in talks with traders to promote his 9.5 per cent stake in BharatPe that he values ​​at Rs 4,000 crore.

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