BharatPe Filings Reveal Salaries Fetched By Ousted Founder Ashneer Grover & Other Executives Back In FY22

Since last year, Ashneer Grover has dominated the news after his founded company BharatPe sued him for Rs 88 crores in damages after alleging in a letter to board members and investors that most of the ESOPs were allotted to four key individuals: Chairman Rajnish Kumar, founder Shashvat Nakrani, former CEO Suhail Sameer, and general counsel Sumeet Singh.

Salaries Of Ashneer Grover, Rajnish Kumar, And Suhail Sameer Revealed

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Now, The salaries of the company's key stakeholders have now been revealed in a recent filing. For the financial year 2022, BharatPe¡¯s founder Ashneer Grover took home Rs 1.69 crores alongside his wife and the company¡¯s former head of controls, Madhuri Jain Grover, who was paid Rs 63 lakhs. These numbers have been revealed through the regulatory filings of the company.

The couple got removed from the fintech company earlier last year after being accused of financial misconduct. According to the filings, the yearly compensation for other officials was also revealed. Former Chief Executive Officer (CEO) Suhail Sameer was paid a total of Rs 2.1 crore in FY22. The CEO stepped down from his position earlier this month.

The Payments Do Not Include The Share-Based Expenses Sent To These Individuals

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Rajnish Kumar, the company's chairman and a former State Bank of India CEO, was paid Rs 21.4 lakh. Another key managerial official of the company, founder and board member Shashvat Nakrani, fetched Rs 29.8 lakh for the same period, while another board member, Kewal Handa, took home Rs 36 lakh.

The key point to note is that these payments do not include the share-based remunerations these individuals earned during this period. The financial reports of the company showed that it had upheld Rs 70 crore in share-based payments in FY22, which is a steep increase of 218 percent from the previous financial year.

These expenses are important because Grover alleged in his letter that over Rs 315 crore of ESOPs were granted to the company's top tier in FY22.

Source: MoneyControl

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