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March 13, 2024

Former BharatPe MD Ashneer Grover Urges RBI Inquiry into Chairman Rajnish Kumar’s Alleged Financial Improprieties

Former managing director of BharatPe, Ashneer Grover, has reignited the controversy surrounding the fintech startup by urging the Reserve Bank of India (RBI) to launch an investigation into the alleged financial activities of Rajnish Kumar, the chairman of BharatPe’s board.

According to sources cited by The Economic Times, Grover has penned yet another letter to the RBI, pressing for a thorough probe into Kumar’s actions amid claims of potential financial impropriety. Grover’s missive specifically questions whether Kumar has amassed equity shares valued at hundreds of crores following his appointment to BharatPe’s board.

In his correspondence, Grover has raised concerns over Kumar’s salary, asserting that it has been purportedly escalated to INR 1. This move, according to Grover, warrants scrutiny given the magnitude of the increase and its potential implications for BharatPe’s financial health.

The latest development adds another layer of complexity to the ongoing saga between Grover and BharatPe’s leadership. Grover, who parted ways with BharatPe amid acrimony, has been vocal about alleged irregularities within the company, particularly pertaining to its governance and financial affairs.

BharatPe, a prominent player in India’s fintech landscape, has been no stranger to controversy in recent times. The company has faced scrutiny over various issues, including its corporate governance practices and internal disputes among its top brass.

The emergence of Grover’s letter underscores the escalating tensions within BharatPe and raises pertinent questions about the transparency and integrity of its operations. The call for an RBI inquiry amplifies the gravity of the allegations, potentially signaling wider repercussions for BharatPe and its stakeholders.

While BharatPe has yet to officially respond to Grover’s latest allegations, the development is likely to intensify scrutiny on the company’s governance structure and its ability to navigate turbulent waters in the fiercely competitive fintech sector.

The RBI, as the regulatory authority overseeing India’s financial landscape, holds significant sway in determining the outcome of such investigations. A probe into Kumar’s alleged financial dealings could shed light on the inner workings of BharatPe and either validate or refute the claims put forth by Grover.

The unfolding saga underscores the challenges facing BharatPe as it strives to maintain its standing in India’s burgeoning fintech ecosystem. The outcome of the RBI’s inquiry could have far-reaching implications for the company’s future trajectory and its reputation among investors and industry peers alike.

As the controversy continues to unfold, stakeholders will be closely monitoring developments, awaiting clarity on the allegations and their potential impact on BharatPe’s corporate governance framework. The outcome of the RBI’s investigation could serve as a litmus test for the company’s commitment to transparency and accountability in the face of mounting scrutiny.

In the interim, BharatPe finds itself embroiled in yet another controversy, with its former MD’s allegations casting a shadow over the company’s operations and raising broader questions about governance standards within India’s fintech sector. The RBI’s intervention could provide much-needed clarity in an increasingly murky situation, offering insights into the veracity of the claims and the underlying dynamics at play within BharatPe’s boardroom.

Jhumpa Lahiri

Jhumpa Lahiri

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