As a result of a governance review, BharatPe announced it has taken steps to claw back restricted shares from a former founder on May 10, 2022. Firm officials said they will enforce their legal rights to the fullest extent of the law. The board of BharatPe began reviewing the corporate governance policies of the company in January 2022.

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Among the firms hired by the company were Alvarez & Marsal (A&M), a global professional services firm known for its turnaround management expertise, Shardul Amarchand Mangaldas & Co (SAM), India's leading law firm, to help the board and management with their governance assessment, and PwC, a leading consulting firm, to determine whether a former founder committed wilful misconduct and gross negligence.

"After a detailed review of the above report over the last two months, the board of BharatPe has recommended several decisive measures that are being implemented," the statement said.

These include a new code of conduct for senior management and employees, a new and comprehensive Vendor Procurement Policy, blocking of vendors involved in malpractices, and regular internal audits.

"BharatPe has also terminated the services of several employees in departments who were directly involved with these blocked vendors. If required, the Company will be filing criminal cases against some of these employees for the misconduct and act of cheating committed by them against the company," it said.

BharatPe said it has registered the strongest quarter in its history (Q4 FY22) with 4x growth in overall revenue.

"On a sequential-quarter basis, the growth has been 30 per cent, despite the third wave of COVID-19.

Comparing month-on-month, all our metrics have grown at the fastest pace, i.E. Merchant Total payments value, i.E., TPV (17 per cent), consumer TPV (39 per cent), loans facilitated in partnership with RBI registered NBFCs (31 per cent), and revenue (21 per cent) in March 2022 over February 2022.

"Going forward, we are tracking well to break even on our merchant business and further strengthen our consumer business," the statement said.