We are pained that the board's integrity is being questioned: BharatPe

The fintech venture says it is following due process in the best interests of the company.
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BharatPe reiterated on Friday evening that its board of directors has followed due process in the best interest of the company.

"We are deeply pained that the integrity of the BharatPe board or individual board members is being questioned time and again through misrepresented facts and baseless allegations," the company said in a press release.

"We would urge that the confidentiality and integrity of the governance review and board meetings is maintained by all," it added.

Ashneer Grover, Co-founder and Managing Director, BharatPe

In an interview published on Friday, BharatPe Co-founder and Managing Director Ashneer Grover told Moneycontrol that there have been multiple leaks to the media, even as an independent audit review is on inside BharatPe. He called it a "witch-hunt".

On January 29, BharatPe said it is doing an independent audit of the company's internal processes and systems as part of its commitment to the highest standard of corporate governance.

"The Board strongly believes in protecting interests of all stakeholders, including customers,

employees and partners," it had stated.

BharatPe's legal firm, Shardul Amarchand Mangaldas, had by then appointed Alvarez and Marsal, a risk advisory firm, to advise the Board on its recommendations.

Since then, there have been media reports of financial fraud at BharatPe, including excerpts from the Alvarez and Marsal report on Friday.

BharatPe maintained on Friday evening that its board of directors is yet to receive any interim or final report of the review.

Prior to the announcement of the internal governance review, Ashneer Grover had informed the board that he will be on a temporary leave of absence until the end of March.

Edited by Kanishk Singh

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