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Ministry of Corporate Affairs serves notice to BharatPe seeking evidence of its allegations against Ashneer Grover in courts

Ministry of Corporate Affairs serves notice to BharatPe seeking evidence of its allegations against Ashneer Grover in courts

| @indiablooms | 07 Feb 2024, 12:55 am

New Delhi: Fintech unicorn BharatPe has been served a notice by the Ministry of Corporate Affairs (MCA) under Section 206 of the Companies Act, asking the company to furnish details regarding legal actions taken against its founder, Ashneer Grover.

According to sources familiar with the matter, the MCA has written to BharatPe, seeking evidence submitted to the courts concerning both civil and criminal complaints against Grover, reported Moneycontrol.

"There is an additional information requirement from the ROC via a letter to the company. The information required is part of the ongoing inquiry, which started in 2022 post the internal governance review, and has been mentioned in our audited results. We are extending all possible cooperation to the authorities," BharatPe said in a statement.

Since the start of 2022, the four-year-old company has been engulfed in controversy following allegations against its founder.

Grover was accused of using inappropriate language and threatening a Kotak Group employee over a failure to secure an allotment in the Nykaa IPO.

Subsequently, Grover resigned from his position as BharatPe's managing director.

Later, the company initiated a forensic audit to investigate financial practices during Grover's tenure.

Subsequently, a civil lawsuit was filed against him, alleging a complex network of fabricated invoices and misuse of company funds for personal purposes.

Aside from the claims regarding questionable transactions and fabricated suppliers, the lawsuit asserted that Grover made no meaningful contributions to BharatPe's technology or concept.

According to the lawsuit, his involvement with the company started in 2018 with a “paltry” investment of Rs 31,920, for which he was allotted 3,192 shares.

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