Co versus founder: Fintech platform BharatPe has dismissed allegations by co-founder Ashneer Grover, wherein he accused the company of intentional deceit on inducting Bhavik Koladiya to its board despite allegations of wire fraud on him.

Labelling them as baseless attempts to tarnish BharatPe’s reputation, the fintech also promised civil and criminal proceedings through court and the Economic Offences Wing.

Grover had written a letter to  RBI Governor Shaktikanta Das wherein he questioned the company’s moves, indicating intentional manipulation while applying for license and stake approvals.

He also called for an investigation into “warehousing” of Koladiya’s shares by the board and investors for reinstating him after gaining assent. 

BharatPe said it is committed to virtues of governance, transparency and building of sustainable business guided by its Board of Independent Directors, helmed by former SBI Chairman Rajnish Kumar.

BharatPe, which happens to be a joint-venture partner in Unity Small Finance Bank with the Centrum group, spelled out the regulatory approvals obtained for its payments aggregator business through a subsidiary, Resilient Payments. 

The fintech highlighted its history of shareholding,  how ownership changed after Grover came in and the  legal disputes that followed.

BharatPe initiated legal actions against Grover, his wife and relatives in December 2022, pursuing for damages in a civil suit after which it filed a criminal complaint with the Economic Offences Wing of the Delhi Police. 

BharatPe said these actions were to address allegations and protect its interests.

“We continue to pursue civil and criminal action against Grover at the Hon’ble High Court, Economic Offences Wing (EOW) and other relevant authorities and is committed towards taking them to their logical conclusion,” BharatPe responded to allegations by Grover.