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BharatPe-Ashneer Grover row | There will be corrective action depending on outcome of audit report: Chairman Rajnish Kumar

BharatPe is embroiled in a controversy with a leaked audit inspection report by Alvarez and Marsal suggesting major irregularities in its operations.

February 05, 2022 / 11:07 AM IST
Rajnish Kumar, former chairman, State Bank of India (SBI)

Rajnish Kumar, former chairman, State Bank of India (SBI)

BharatPe Board chairman Rajnish Kumar on February 5 said the board will launch “corrective action” based on the outcome of an audit report by risk advisory firm Alvarez and Marsal that examined corporate governance issues mainly concerning personal investments by co-founder Ashneer Grover.

“Of course, there will be corrective action depending on what the report says,” Kumar, the former boss of State Bank of India, India’s largest lender, told Moneycontrol in an exclusive interaction.

These were Kumar’s first comments on the raging controversy in BharatPe, which is under intense investor scrutiny over alleged corporate governance lapses and a bitter internal tussle between Grover and the board.

BharatPe, a payments company that services shop owners with QR codes, engaged Alvarez & Marsal to launch an independent governance audit. On February 4, Moneycontrol accessed the report that suggested inconsistencies in dealings with vendors. The report highlighted deals with vendors and payments to consultants that are non-existent.