A most prominent Fintech unicorn in India, BharatPe has received a notice from the MCA (Ministry of Corporate Affairs) under Section 206 of the Companies Act and inquiring for information about legal actions initiated by the company against Ashneer Grover, Founder, BharatPe.

As per the official sources, MCA has written to the company asking for proof it has submitted to the courts about the civil & criminal complaints against its founder.

Regarding this, BharatPe said in a statement, "There is an additional information requirement from the ROC via a letter to the company. The information required is part of the ongoing inquiry, which started in 2022 post the internal governance review, and has been mentioned in our audited results. We are extending all possible cooperation to the authorities”.

While the beginning of 2022, the Fintech company has been entangled in controversy after its founder Ashneer Grover was accused of using unsuitable language & bullying an employee of Kotak Group for failing to secure an allotment in the Nykaa IPO.

Though Grover resigned from the position of Managing Director in the result of the argument, BharatPe started a forensic inspection into financial practices under his leadership.

Adding up to the allegations around doubtful transactions & fake vendors, the company in its lawsuit suspected that Grover contributed nothing to the BharatPe technology. The company claimed that his involvement with the company began in the year 2018 when he made a ‘paltry’ outlay of 31,920, for which he received 3,192 shares.

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