Karanjawala & Co will represent BharatPe co-founder and Managing Director Ashneer Grover as he weighs his legal options amid calls for his exit from the company in the wake of an investigation into financial irregularities..The development was confirmed by Managing Partner of the firm, Raian Karanjawala..The Board of Directors of BharatPe had issued a statement on Saturday that they were conducting an investigation and audit into the alleged financial irregularities that took place when Grover was at the helm. These irregularities include multiple discrepancies around invoicing, payments for QR-code fleet, and related-party transactions resulting in a conflict of interest, ET reported..Shardul Amarchand Mangaldas, which is representing BharatPe, appointed Alvarez and Marsal to conduct the independent audit.Grover is currently on voluntary leave till the end of March, after a video surfaced on Twitter of him having an expletive-laden conversation with an employee of Kotak Mahindra Bank.Reports suggest that Grover may be relieved of his 9% stake in the company in the wake of the controversy. He is discussing with Karanjawalla on how to best safeguard his shareholding in the company, as well as how to deal with any resultant fallout from the ongoing investigation.
Karanjawala & Co will represent BharatPe co-founder and Managing Director Ashneer Grover as he weighs his legal options amid calls for his exit from the company in the wake of an investigation into financial irregularities..The development was confirmed by Managing Partner of the firm, Raian Karanjawala..The Board of Directors of BharatPe had issued a statement on Saturday that they were conducting an investigation and audit into the alleged financial irregularities that took place when Grover was at the helm. These irregularities include multiple discrepancies around invoicing, payments for QR-code fleet, and related-party transactions resulting in a conflict of interest, ET reported..Shardul Amarchand Mangaldas, which is representing BharatPe, appointed Alvarez and Marsal to conduct the independent audit.Grover is currently on voluntary leave till the end of March, after a video surfaced on Twitter of him having an expletive-laden conversation with an employee of Kotak Mahindra Bank.Reports suggest that Grover may be relieved of his 9% stake in the company in the wake of the controversy. He is discussing with Karanjawalla on how to best safeguard his shareholding in the company, as well as how to deal with any resultant fallout from the ongoing investigation.