News Update

Indian payments startup BharatPe to overhaul governance framework and sack several employees

• ByStartupStory     |    May 10, 2022

Indian payments firm BharatPe announced on Tuesday that its board recommended various measures and a corporate governance review including the termination of many employees and vendors and also filing criminal cases against them for misconduct. BharatPe is hopeful to release its IPO and also allows shop owners to make digital payments via QR codes that were initiated in a corporate governance review back in January in the hope to ease the worries that investors had over a public spat involving investments by one of its co-founders.

The company competes with some very famous apps like Google Pay and SoftBank’s Paytm in India’s booming payments market arose after the company’s co-founder Ashneer Grover sought damages from Uday Kotak, the head of Kotak Mahindra Bank, alleging that the bank denied him financing for a personal investment. In the month of January, Reuters had reported that the audit would evaluate if BharatPe’s senior executives are making the right internal disclosures about personal investments and a check for disputes leading to a fresh code of conduct. 

BharatPe said that it has introduced a new vendor procurement policy to lower the risk of employees engaging in suspicious transactions to enhance themselves. The company has already terminated the services of many employees in departments that were directly involved with blocked vendors. 

The company also informed that several vendors were involved in wrongdoings like incorrect or inflated invoices that have been blocked for future businesses with the company. The company has issued legal notices to these vendors for recovering the amount and will also be filing civil or criminal cases against them. 

 

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