In another blow to BharatPe co-founder Ashneer Grover’s already dented credibility, his wife was recently sacked from the company for allegedly using the company funds for her personal usage, including buying electronic items, getting beauty treatments, and taking family trips to US and UAE.
The fintech startup has sacked Madhuri Jain Grover over financial irregularities and has cancelled ESOPs vested with her. According to reports that cited sources familiar with the matter, Madhuri Jain Grover also paid her personal staff from the company’s funds and went on to produce fake invoices.
This is a major blow to the company itself that was under scrutiny for sending co-founder Ashneer Grover for a three-month leave following his abusive verbal spat with a Kotak Mahindra Bank staffer.
The Facts of the Matter
It is often said that when it rains, it pours. The age-old adage is used to say that whenever a bad thing transpires, bad things follow it at the same time and the ball rolls in similar fashion for a while. This is especially true for BharatPe co-founder who has certainly become controversy’s favorite child from the world of entrepreneurship.
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Madhuri Jain Grover Sacked from BharatPe
It seems the clouds of trouble are further intensifying over the 39-year-old IIT-IIM alumnus. On Wednesday, February 23, it was reported that his wife, who’s also an employee in his own co-founded venture BharatPe, was sacked. While the fintech startup has not revealed the reason for her termination, sources familiar have claimed that Madhuri Jain Grover was fired due to financial irregularities.
On Wednesday, BharatPe spokesperson issued a statement which read, “We can confirm that services of Madhuri Jain Grover have been terminated in accordance with the terms of her employment agreement.”
BharatPe Co-founder’s Wife Used Money for Personal Use
According to reports, Madhuri allegedly used the company’s funds for her own personal use. This included getting personal beauty treatments, buying electronic gadgets, and using company funds to travel with family to US and Dubai.
Madhuri Jain Grover’s ESOPs Cancelled
Further, sources quoted in various reports have also claimed that Madhuri used the company’s funds to pay her personal staff and produced fake invoices that came from known parties. Madhuri reportedly had ESOPs issued vested for her in BharatPe. These ESOPs have also been cancelled following the financial irregularities that were found during an external audit.
For the unversed, ESOPs or Employee Stock Ownership Plan is a benefit plan a company gives to its employees where employees are given ownership of the company. The ownership of the company is given in the form of shares. When an employee decides to exit the company, they can cash in their stock.
Ashneer Grover – Controversy’s Favourite Child
It should be noted that Ashneer has been taken a three-month leave till March end. The company announced that it was Ashneer who had taken the “voluntary leave” and further stated that it was “best interests of the company, our employees and investors, and the millions of merchants” it supports.
The Grover VS Kotak Staffer Spat
Ashneer’s decision came earlier this January after an alleged audio clip made the rounds of Twitter in which he was heard hurling verbal abuses at a Kotak bank staffer. A day after the clip surfaced on Twitter, Grover issued a statement and stated that the clip was “fake” and was the work of a “scamster”.
However, later he and his wife Madhuri sent a legal notice through their representatives to Kotak Wealth Management alleging that they had applied subscription for Nykaa shares worth Rs. 250 crores each, but the bank never kept their side of the promise.
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“Put Rs. 4,000 Crore on Table”
Earlier this February, he gave an interview to a financial daily and demanded Rs. 4,000 from BharatPe investors to buy out his stake if they want him to quit the company. “What have I done to resign? This is like execution before trial. I am the MD (managing director). I run the company. If the board thinks I don’t need to be the MD and someone else should run the company, please put my Rs 4,000 crore on the table and take the key away from me,” he was quoted saying.
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