BharatPe's Board Will Not Intervene In Bhavik-Ashneer Stake Issue

As the Ashneer-BharatPe fight now on a legal course, the Board of the company is not going to intervene in a new controversy regarding the fintech company's original founder Bhavik Koladiya and his stake in the firm.

Sources told IANS on Tuesday that this is something Bhavik and Ashneer have to sort out among each other and the Board will stick to the internal governance review done by third-party law and risk assessment firms.

Another co-founder Shashvat Nakrani has written a fresh letter to employees, saying that Ashneer tried to create a false narrative about the company that 'we have built together with the right spirit'.

'While the content of the enquiry report is confidential and as a board member, I am not at liberty to disclose its findings, I am proud of the fact that our board acted quickly and decisively to uphold good corporate governance,' he told employees.

'This whole episode is an aberration and not the norm and the company will turn this crisis into an opportunity,' he further added.

Ashneer has quit BharatPe as the company accused him, his wife and their relatives of massive financial irregularities to fund their lifestyles.

Nakrani has said that it is time to now stop 'rumours and innuendoes from distracting us and go back to building'.

'Time to do what we have done in the past and will do best. We owe this to the fine team that works here, our shareholders and this remarkable country that helps us prosper,' he wrote.

The Ashneer Grover-BharatPe tussle that hogged the limelight since January has brought to the fore the need to fix corporate governance while maintaining moral integrity at the very top in the burgeoning Indian startup ecosystem.

--IANS

na/dpb

(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.

We, however, have a request.

As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.

Support quality journalism and subscribe to Business Standard.

Digital Editor