BharatPe to claw back shares from ex-MD Grover

NEW DELHI: Payments startup BharatPe on Tuesday said it has terminated several employees and vendors as well as filed criminal cases against them for misconduct besides deciding to claw back former founder Ashneer Grover’s restricted shares in the firm.

The steps have been taken by the company’s board following a detailed corporate governance review against the backdrop of alleged lapses and misdoings during the tenure of Grover as MD. IPO-hopeful BharatPe has implemented a new code of conduct for senior management and employees and brought in a comprehensive vendor procurement policy to avoid a repeat of alleged lapses that happened when Grover was MD.

BharatPe said it had in January initiated a corporate governance review of the company. Without naming Grover, it said necessary action has been initiated “against the former founder to claw back his restricted shares according to the shareholders’ agreement”. Grover holds about 8.5% in BharatPe. Of this 1.4% is not vested. The company did not elaborate on the action being taken.