As the plot around BharatPe and its Co-founder/Managing Director Ashneer Grover saga thickens, the newly-appointed CEO Suhail Sameer has written a letter to disgruntled employees, saying that there are some "serious allegations" based on internal complaints which are being reviewed and they must keep their faith in the Board.
Assuring them to have a "trust" in the Board, Suhail said that it is his "commitment, also on behalf of the wider leadership, that we'll emerge stronger from all this".
He said the company will set up a town-hall meeting towards the end of this month to "share updates about governance review" and other announcements.
While Alvarez and Marsal, a leading management consultant and risk advisory firm, is expected to submit its report into financial irregularities at the firm during Grover's time in "a couple of weeks", global audit firm PwC has also been roped in auditing the functioning of the fintech platform.
Sameer said in the letter that the "internal governance review is being carried out by firms (Shardul Amarchand, A&M and PwC). Based on some internal complaints, we decided to do a full audit of our governance processes".
While many findings of governance review are "pretty standard", there are "a couple of more serious allegations," he wrote, saying the review is still "substantiating the allegations".
Sameer said that whatever the Board decides, it will be in the best interest of employees, merchants and consumers.
Meanwhile, reports have claimed that several BharatPe employees are looking for job change amid the saga.
According to sources, Ashneer may decide to sell his 9.5 per cent stake in BharatPe at around $1 billion valuation -- much lower than the earlier reported figure of Rs 4,000 crore that he may have received from selling his stake at an earlier $6 billion valuation from the company he co-founded in 2018 with its headquarters in New Delhi.
--IANS
na/ksk/
(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.)
Dear Reader,
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
RECOMMENDED FOR YOU