linking her to the financial irregularities in the startup. Jain is BharatPe cofounder Ashneer Grover’s wife.
“It seems that the company has found certain financial irregularities in the company’s books and has strong proof on funds being ‘used’ for personal purchases….This is also linked to the audit which is currently ongoing but the final copy is not yet tabled in front of the board,” said one of the people who were aware of the discussions.
ET has learnt that BharatPe has written to Jain for an immediate termination on February 22.
“The interesting bit here is that the company is not treating her as a key managerial personnel, hence they have taken this call of firing her immediately– before the final report is tabled for board’s review,” said a second person quoted above.
The news comes weeks after Jain wrote to BharatPe’s board, on February 10, alleging that she
never tendered her resignation which was accepted, by the company, as ET first reported on February 18. In her letter, Jain also wrote to the company’s board that her “alleged” resignation was “rather astonishing” and “defies” every known norm of “corporate governance and propriety”.
“Neither did I have any information about the same (alleged resignation), nor have I tendered any such resignation,” added Jain calling the ‘governance review’ a ‘roving enquiry’ and that she has been used as a ‘pawn’ in a fight among shareholders.
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Jain’s manager and husband Grover had offered for her resignation in a board meeting on January 19. He immediately took back the decision calling it ‘spontaneous’. Grover had mentioned to BharatPe’s board that the final decision on Jain’s resignation will be decided after his return to the company in April.
Both Grover and Jain have been on leave from the startup starting January 19 and 20, respectively. Jain
had also written to independent consultant A&M on February 10, calling the governance review an ‘eye wash’ and demanding an immediate investigation on the ‘media leaks’, with regards to the preliminary findings. Jain was also considering legal action against the firm.
Written queries to BharatPe did not elicit a response. Messages to Grover remained unanswered. Jain declined to comment on the matter.
On February 4, ET reported that the initial probe findings noted that the Jain, her brother Shwetank Jain and her brother-in-law Deepak Jagdishram Gupta,
were linked to financial irregularities at the company.
