Business
BharatPe sacks Ashneer Grover’s wife Madhuri Jain, cloud over use of funds
FINTECH COMPANY BharatPe has terminated the services of Madhuri Jain Grover, the wife of former control chief and co-founder Ashneer Grover, for alleged financial irregularities, The Indian Express has learned.
The company confirmed the development but gave no reason for the move. “At your request, we can confirm that Madhuri Jain Grover’s services have been terminated in accordance with the terms of her employment contract,” a company spokesperson said.
Sources told The Indian Express that Madhuri’s services were suspended for allegedly “misappropriating funds” and using company funds to buy beauty products and pay for family trips to the US and Dubai. The stock options granted to her have also been terminated under the employment contract, the sources said.
The termination letter details the alleged financial irregularities, the sources said. Ashneer and Madhuri were both fired from the company in January when the allegations surfaced.
Ashneer, who has been on three-month leave, is said to be close to an out-of-court settlement with BharatPe after filing an emergency petition with the Singapore International Arbitration Centre to drop the company’s investigation. He is believed to be seeking compensation for future liabilities while selling his shares back to the company.
Ashneer and Madhuri did not respond to queries from The Indian Express.
Late Wednesday, Madhuri posted a series of tweets and videos that appeared to show BharatPe employees partying in the workplace.
In a tweet, she accused them of inappropriate behavior at the office, “chauvinism” and “denounced them.” She posted screenshots of messages purportedly between an executive and her husband and questioned the governance review process that led to the dismissal. She also released an alleged recording of BharatPe co-founder Bhavik Koladiya calling her husband to ask him to attend the meeting.
The development comes close on the heels of an audit report prepared by A&M, a risk advisory firm roped in to look into the company’s corporate governance. According to some of the preliminary findings of the report, payments were allegedly made to “dubious” recruitment firms with crores of rupees spent on “non-existing” vendors and “questionable invoices” created to substantiate such spends.
BharatPe, through his law firm Shardul Amarchand Mangaldas, hired A&M to investigate internal governance issues – in particular to assess whether senior management had made appropriate internal disclosures of personal investments and to check for conflicts.
Complete News Source : The Indian Express
india
Oppn seeks probe into Adani charges in US: ‘Obvious protection of PM Modi’
Following US SEC charges of bribery against Gautam Adani, opposition parties criticise PM Narendra Modi and call for a JPC investigation.
As billionaire Gautam Adani faces charges in the US for alleged bribery and fraud, the Opposition on Thursday intensified its attack on the Centre over its alleged links with the Adani Group.
Gautam Adani has been charged in the US with allegedly paying $250 million in bribes to Indian officials between 2020 and 2024 to secure favourable terms for solar energy contracts. The scheme, prosecutors said, could have earned Adani’s group over $25 billion in profits.
Congress demands JPC probe
Reacting to the charges, the Congress called for a Joint Parliamentary Committee (JPC) probe into alleged scams involving Adani’s conglomerate. The party also demanded the appointment of a “new and credible” Sebi chief to investigate Adani’s financial dealings and compliance with securities laws.
ALSO READ- At 65.2%, Maharashtra records highest voter turnout since 1995 assembly election
Congress leader Jairam Ramesh said the US Securities and Exchange Commission’s (SEC) actions highlight the failure of Indian institutions to investigate the group. “The indictment vindicates Congress’s demand since January 2023 for a JPC into the Modani scams,” Ramesh wrote on X.
He accused Prime Minister Narendra Modi of shielding Adani and claimed Congress’s “Hum Adani Ke Hain Kaun” (HAHK) series had exposed the businessman’s alleged fraud and his ties with the PM.
The fact that it has taken a foreign jurisdiction to properly investigate Adani only shows how Indian institutions have been captured by the BJP, and how decades of institutional development have been undone by greedy and power hungry leaders, the Congress leader said in another post.
“All of this is consistent with a long record of fraud and criminality carried out with impunity with the obvious protection of the Prime Minister,” Ramesh charged.
Other Oppn leaders join attack
Other opposition leaders joined the attack. Trinamool Congress MP Saket Gokhale questioned the BJP’s involvement in Adani’s dealings and demanded an independent judicial probe.
Aam Aadmi Party leader Sanjay Singh accused PM Modi of allowing Adani to tarnish India’s global reputation.
ALSO READ- Adani Group shares plunge after US SEC charges, Adani Green down 16%
Adani stocks latest updates
The allegations rattled markets, with Adani Group stocks plunging. Adani Enterprises fell 20 per cent in pre-open trade, while shares of Adani Ports, Adani Green, Adani Power, and others dropped between 7 per cent and 18 per cent.
Group Media Publications
Entertainment News Platforms – anyflix.in
Construction Infrastructure and Mining News Platform – https://cimreviews.com/
General News Platform – https://ihtlive.com/
-
india1 month ago
‘My support will be with new J&K govt’: L-G Manoj Sinha ahead of Omar Abdullah’s oath-taking ceremony
-
Politics1 month ago
New BJP government to take oath in Haryana on Oct 17, PM Modi to attend
-
Sports1 month ago
Score for the third day of the first test between India and New Zealand: Ravindra-Southee crushes IND, NZ leads by 299 at lunch
-
TV1 month ago
Prince Narula and Yuvika Chaudhary share first pic with newborn daughter from hospital. See post
-
In News2 weeks ago
SpiceJet announces 8 new flights to connect Jaipur with Varanasi, Amritsar and Ahmedabad
-
Business2 weeks ago
OpenAI buys new domain chat.com for over $15 million, it redirects to ChatGPT
-
Entertainment.1 month ago
Massive data breach at Game Freak studios reveals shocking new dark Pokemon movie plot
-
Sports1 month ago
India vs New Zealand LIVE Score 1st Test Day 3: Ravindra-Southee carnage flattens IND, NZ lead by 299 at Lunch