Shark Tank India's Ashneer Grover Reportedly Demands Rs 4,000 Crore To Quit BharatPe Amid Probe
Amid investigation on BharatPe, Ashneer Grover had demanded Rs 4000 crores as a payout to quit the company. The Shark Tank India judge said there is no third way out - he will be the managing director or investors can buy him out.
From being accused of being rude and arrogant on Shark Tank India to his leaked abusing audio doing the rounds, Ashneer Grover's name has been embroiled in many controversies in the recent past. The BharatPe founder who invests in businesses pitched on Shark Tank India has his own business come under the scanner now.
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The probe is ongoing and it has highlighted two instances of fraud at BharatPe. So much so, his wife Madhuri Grover's name has also been dragged in the probe. She is the co-founder of BharatPe. The issues highlighted include irregularities in recruitment and non-existent vendors.
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The report by Alvarez and Marsal, a risk advisory firm, has led to allegations of financial wrongdoing on Grover, reports Mint.
It is said that BharatPe has been recruiting people via vendors. Now the investigation has found that these people were not hired through them, even after their joining dates were mentioned in the invoice. It is said that his wife had been receiving invoices from these stated consulting firms and was forwarding them to the accounts team for payment.
The report also states these vendors were 'sole proprietorships and not established companies.' The creator of these invoices is said to be Madhuri Jain¡¯s brother Shwetank Jain.
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Furthermore, the vendors and fake invoices that had similar email addresses, similar physical addresses, similar formats, same bank branches were based in Panipat. Madhuri Grover is originally from Panipat.
As per the report, about Rs 51 crore was paid to 30 vendors who appeared to be non-existent.
Ashneer Grover | Photo: BCCL
In the midst of all this, Ashneer Grover has demanded Rs 4,000 crore for his reported 9.5 percent stake from investors if they want him to quit the firm.
"What have I done to resign? This is like execution before trial. I am the MD (managing director). I run the company. If the board thinks I don¡¯t need to be the MD and someone else should run the company, please put my Rs 4,000 crore on the table and take the key away from me", he told Money Control.
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"If you want to buy me out, you want to buy me out at the fair market value, right? In my view, the fair market value is $6 billion. Either I¡¯ll run the company or they buy me out, there is no third option."
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Garima Satija leads the Entertainment vertical of Indiatimes. A storyteller at heart who enjoys the thrill of writing, she is sometimes found daydreaming about living the lives of movie characters. Also, she hates talking about herself in the third person.
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