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Banking Central | BharatPe must put its house in order

Alleged corporate governance issues, infighting and mud-slinging in public do not augur well for BharatPe which is a part of the PMC Bank rescue mission.

February 28, 2022 / 08:00 AM IST
Ashneer Grover is the co-founder of BharatPe.

Ashneer Grover is the co-founder of BharatPe.

Last week, the ongoing crisis in BharatPe took a dramatic turn when Rajnish Kumar, former SBI chief and current chairman of the fintech firm's board, came down heavily on company co-founder Ashneer Grover. Kumar said Grover should have shown more maturity in the whole episode and alleged that Grover’s strategy is to make a case that governance review is biased against him.

“I agree that Ashneer should have shown maturity (in the BharatPe episode)… The whole strategy of Ashneer is to make out a case that the governance review is biased against him. He is creating documentation for that, nothing else,” Kumar told Moneycontrol on February 23 in an exclusive conversation. The board is prepared to take action if governance issues are found in the audit reports, he said.

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For the uninitiated, BharatPe is a payments company that services shop owners with QR codes. The current crisis pertains to alleged corporate governance lapses and a bitter internal tussle between Grover and the board.