Have not terminated services of any employee: BharatPe

Digital payments firm BharatPe on Saturday said that it has not terminated the services of any of its employees at this stage and reports suggesting termination are baseless.

"The board of BharatPe has not terminated the services of any employee at this stage. Reports suggesting any termination are baseless and untrue," the company said in a statement.

Earlier today, the company had said that it is doing an independent audit of its internal processes and system. Through its legal firm Shardul Amarchand Mangaldas, it has appointed leading management consultant and risk advisory firm Alvarez and Marsal to advise the board.

"The board remains committed to an independent and thorough audit process. No action has been taken or will be taken till the audit has been completed," the statement said.

The company also urged media to not speculate in advance of the report and make a judgement based on uninformed sources.

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A report by Mint today had said quoting sources that BharatPe has decided to terminate the services of its co-founder and MD Ashneer Grover. It said the company took the decision based on a preliminary investigation which has showed signs of a financial fraud. 

Besides, the report also said that BharatPe has terminated services of 15 employees, including that of Grover's wife Madhuri Jain, who is head of controls at the company.

Grover had been in the news following a public dispute between him and Kotak Mahindra Bank group. An audio clip had went viral on social media allegedly featuring Grover and a family member hurling abuses on a Kotak Group employee for not getting share allotment in Nykaa's initial public offering (IPO).

Grover also sent a legal notice to Kotak Mahindra Bank, seeking damages from Uday Kotak, head of Kotak Mahindra Bank, alleging that the bank declined financing for a personal investment.

The Kotak Group had said that it replied to appropriately to the notice, including placing on record its objections to inappropriate language used by Grover.

Later, on January 19, Grover announced that he is taking a voluntary leave of absence from the company till March-end.

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