BharatPe co-founder’s wife Madhuri Jain fired – Times of India


NEW DELHI: The escalation within the battle between BharatPe co-founder Ashneer Grover and the buyers within the fintech startup took an unsightly activate Wednesday with the sacking of Madhuri Jain Grover, Ashneer’s spouse and head of controls on the firm, over allegations of misappropriation of funds.
Jain, who was pressured to go on voluntary go away, took to Twitter on Wednesday, tagging TOI amongst others, calling her sacking an orchestrated “witch hunt” by Sequoia, an investor in BharatPe, Rajnish Kumar, former SBI chairman and board chairman on the agency and Harshjit Sethi, MD at Sequoia Capital. In accompanying tweets consisting of a collection of movies she accused high executives on the firm of “drunken orgies”.
Later, she shared screenshots of a WhatsApp dialog between Ashneer and BharatPe CEO Suhail Sameer, who had allegedly requested for her resignation on the identical day her husband went on a three-month voluntary go away.
When contacted, a BharatPe spokesperson mentioned, “As per your question, we are able to affirm that the providers of Madhuri Jain Grover have been terminated in accordance with the phrases of her employment settlement.”
Jain’s identify cropped up throughout an ongoing unbiased audit of BharatPe’s inner processes and techniques by Alvarez and Marsal, which was roped in by the Tiger World-backed startup. The total report is but to be submitted, mentioned sources.
The elimination of Jain from BharatPe comes in opposition to the backdrop of Ashneer launching an assault on Kumar. Whereas Ashneer known as the governance evaluation beneath Kumar’s stewardship prejudiced, Jain shared an audio clip on Wednesday alleging that BharatPe co-founder Bhavik Koladiya known as Ashneer with Kumar at his facet, wanting to fulfill him with out an agenda and abused him.
Kumar, a banking veteran, advised TOI that each one allegations in opposition to him are baseless.
Sources, nonetheless, advised TOI that whereas the Ashneer’s tenure at BharatPe is being reviewed, the co-founder has dug in his heels to arrange for a long-drawn battle, together with appointing legislation corporations and submitting an arbitration plea with the Singapore Worldwide Arbitration Centre (SIAC) claiming that the investigation in opposition to him is illegitimate.
The Grovers first sparked controversy when a leaked audio name clip allegedly that includes Ashneer abusing and giving demise threats to a Kotak worker for failing to supply funding for the Nykaa IPO on October 28 went viral. Ashneer, a former Kotak worker himself, known as the clip pretend.
However the developments quickly assumed significance when a authorized discover despatched by the Grovers to banker Uday Kotak and to 3 members of the financial institution’s senior management workforce, surfaced.
The discover, dated October 30, sought compensation, claiming that the duo deliberate to speculate Rs 500 crore in Nykaa via the financial institution’s IPO financing providers. Kotak Mahindra Financial institution on January 9 threatened to provoke authorized motion in opposition to the Grovers for alleged use of unparliamentary language and menace to the lender’s staff.


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