MCA Requests BharatPe to Provide Evidence in Legal Disputes Involving Ashneer Grover

The Ministry of Corporate Affairs (MCA) recently issued a notice to BharatPe, urging the company to furnish details regarding legal actions against its former Managing Director, Ashneer Grover. This notice, issued under Section 206 of the Companies Act, seeks evidence presented by BharatPe in civil and criminal cases involving Grover.

 

A spokesperson for BharatPe has confirmed the receipt of the notice, indicating that it’s part of an ongoing inquiry initiated in 2022 after an internal governance review. BharatPe emphasizes its cooperation with the authorities and provides all necessary information.

 

This development comes amidst ongoing investigations into Grover and his wife, Madhuri Jain Grover, by the Economic Offences Wing (EOW) of the Delhi Police. The probe concerns alleged fraudulent bank transfers totalling INR 56 crore between 2019 and 2022, with overall suspicious transactions amounting to INR 81 crore.

 

The discord between Grover and BharatPe’s senior leadership, which spanned over a year, culminated in an internal investigation by BharatPe in 2022, uncovering significant governance lapses. Subsequently, both Madhuri Jain Grover and Ashneer Grover resigned from their positions. Following this development, public disputes between Grover and the company led to BharatPe filing a criminal complaint against Grover and his family with the Delhi Police’s EOW.

 

The FIR filed against the Grovers included charges ranging from criminal breach of trust to forgery and cheating. Allegations outlined in the FIR implicated the couple in paying commissions to fictitious HR consultants associated with Madhuri Jain Grover’s family members.

 

As investigations continue, the notice from the MCA adds another layer to the legal complexities surrounding the former MD of BharatPe, shedding light on the ongoing scrutiny and legal battles involving the fintech major and its former leadership.