BharatPe files lawsuit against former founder after governance review and introduces new code of conduct

BharatPe said on Tuesday it had taken necessary action against a former founder to reclaim its restricted shares following a governance review.

In a statement, the company said it will take all steps to enforce its legal right.

In January 2022, BharatPe’s board of directors initiated the corporate governance review of the company.

The firm had engaged Alvarez & Marsal (A&M), a global services firm known for its work in turnaround management and performance improvement, to share the board and management with Shardul Amarchand Mangaldas & Co (SAM), India’s leading law firm of his leadership Review and PwC, a leading consulting firm, to determine intent and gross negligence by a former founder.

“Following a detailed review of the above report over the past two months, the Board of BharatP has recommended several crucial actions that are being implemented,” the statement said.

These include a new code of conduct for managers and employees, a new and comprehensive supplier sourcing policy, the banning of suppliers involved in misconduct and regular internal audits.

“BharatPe has also terminated the services of several employees in departments directly dealing with these blocked vendors. If necessary, the Company will institute criminal proceedings against some of these employees for misconduct and fraud committed against the Company. ” it said.

BharatPe said it had the strongest quarter on its history (Q4 FY22) with four-fold growth in total revenue.

“On a quarterly basis, despite the third wave of COVID-19, growth was 30 percent. Month-over-month, all of our metrics grew the fastest, ie merchant’s total payment value, ie TPV (17 percent), consumer TPV (39 percent), loans brokered in partnership with RBI-registered NBFCs (31 percent), and revenue (21 percent) in March 2022 versus February 2022.

“Looking forward, we are well on our way to breaking even for our dealer business and further strengthening our consumer business,” the statement said. BharatPe files lawsuit against former founder after governance review and introduces new code of conduct

Ryan Sederquist

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