SUMMARY
A BharatPe spokesperson said that the ministry has requested additional information as part of an ongoing enquiry tracing back to 2022
The MCA has reportedly directed BharatPe to submit the evidence the latter has presented before the courts regarding the civil and criminal complaints against Ashneer Grover
The couple is currently being probed by the Delhi Police’s EOW over alleged fake bank transfers to the tune of INR 56 Cr between 2019 and 2022
The Ministry of Corporate Affairs (MCA) has issued a notice to BharatPe seeking information about legal proceedings initiated by the fintech major against its former MD Ashneer Grover.
A BharatPe spokesperson confirmed the development and said that the ministry has requested additional information as part of an ongoing enquiry tracing back to 2022. The development was first reported by 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. This is not a new enquiry. We are extending all possible cooperation to the authorities,” the spokesperson said.
Meanwhile, Moneycontrol reported that the notice has been issued under Section 206 of the Companies Act. As per the report, the MCA has directed the company to submit the evidence it has presented before the courts pertaining to the civil and criminal complaints against Grover.
The development comes a week after Grover and his wife Madhuri Jain Grover approached the Delhi High Court and challenged the lookout circular (LOC) issued against them in connection with an alleged cheating and forgery case.
The couple is currently being probed by the Economic Offences Wing (EOW) of the Delhi Police over alleged fake bank transfers to the tune of INR 56 Cr between 2019 and 2022. Overall, they are under the scanner for alleged dubious transactions to the tune of INR 81 Cr.
At the heart of the matter is the public sabre-rattling between Grover and BharatPe senior leadership that went on for more than a year. In 2022, the fintech major undertook an internal probe which found a slew of internal governance lapses.
Eventually, Madhuri Jain Grover, who was then the head of controls, and Ashneer Grover resigned. This was followed by public spats between Grover and the company. Following that, the fintech unicorn filed a criminal complaint with the Delhi Police’s EOW against Grover and his family.
Eventually, the EOW registered the first information report (FIR) against the Grovers in May last year.
Afterwards, the FIR named the couple and a few others under eight sections of cognizable criminal offences, spanning criminal breach of trust, forgery, cheating, among others.
The FIR noted that the couple paid commissions to ‘bogus HR consultants’ linked to Madhuri Jain Grover’s family members, including her father Suresh Jain and brother Shwetank Jain.
