Breaking his silence over accusations of pushing interrupted co-founder Ashnir Grover, BharatPe CEO Suhail Sameer said he had done what was right for the company and investors and to protect its reputation.
BharatPe, which allows store owners to make digital payments through QR codes, last month snatched all titles and positions from Grover after allegations of third-party audits led to serious governance failures under it.
Grover, who had to go on leave in January due to allegations of foul language and fraudulent practices against Kotak Mahindra Bank employees, accused Samir of being on the side of investors to oust him from office.
“I bought most of these (complaints),” Samir told PTI in an interview. “I did what was right for investors. I did what was right for the company, so I’m not here. “Ashner, he said,” a deep personal friend. “
“We were very close,” he said. “But my job here is not to be a great friend. My job is to do what is right. “Following allegations of financial irregularities under Grover, Bharatpi has hired a law firm and risk advisers to conduct a more detailed investigation.
The Indians first fired Madhuri Jain, after which Grover resigned and the company removed her from the post of co-founder and other titles for “creating a fake seller” for money laundering and using the “company’s expense account” for “massive misuse of company funds”. . “Enrich yourself and finance their luxurious life.” “I have an incredible reputation for survival. This is the last work of my life (and) I will not let anything come on my reputation. So I will do what is right for the company, I will do what is right for our shareholders, even if it means against one of us, ”said Samir.
He said he could have moved on if there had been a fault in his behavior.
“So I did what you expect a CEO to do,” he said. “So, there is no question of alleging or taking sides against anyone.” Grover said he was driven on vacation by Sameer and Sumit Singh, the company’s general counsel.
Samir said the incidents were “turbulent”.
They were “more excited for my General Counsel (Singh). He (Singh) was a childhood friend of Ashnir,” he said. “The two of us who were all accused. Complaints could have been received. We don’t take it to heart. Hopefully, in a few years, Ashnir and I will be friends again. ” BharatPe’s board has received the final report of the governance review but has not yet discussed it.
The board may meet for discussion later this month, but there is also an opinion that since Ashner has kept his papers, there is no need for further action, he said.
“It simply came to our notice then. It is too early for me to say this on behalf of the board (what it will do in the report). At the moment, the focus is on growing the business (and making employees comfortable), “he said.
He said all members of the board have received reports and they have seen them. “In some suitable time frame, we’ll get together and say what we’re going to do with it.” Grover currently owns 9.5 per cent stake in Bharatpi while Shaswat Nakrani – another co-founder – owns 7.8 per cent. Investor Sequoia Capital India is the largest shareholder in BharatPe with 19.6 per cent stake, followed by Coatue 12.4 per cent and Rebit Capital 11 per cent.
Reacting to Bharatpi’s decision, Grover said last month that he was appalled by the personal nature of the company’s statement but was not surprised.
“It comes from a position of personal hatred and inferiority complex,” he said. “I want to know who among Amarchand, PWC and A&M has started auditing the ‘luxury’ of one’s life?” Grover also questioned the role of Rajneesh Kumar, a former chairman of SBI, an independent director of the Bharatpi board.