BharatPe sacks co-founder Grover's wife over financial irregularities

New Delhi: BharatPe has sacked its head of controls Madhuri Jain Grover - wife of embattled co-founder Ashneer Grover - for alleged financial irregularities ranging from producing fake invoices to billing the company for personal beauty treatment and trips abroad.

While a company spokesperson confirmed the termination, sources with direct knowledge of the matter said BharatPe has cancelled all the 244 unvested and 56 vested employee stock options (ESOPs). Madhuri Grover did not immediately respond to an email sent seeking her comments.

She was last month sent on leave within days of her husband announcing a three-month leave of absence following allegations of using abusive language against Kotak Mahindra Bank staff and fraudulent practices. Ashneer Grover has denied all allegations.

BharatPe engaged risk advisory firm Alvarez and Marsal to conduct a governance review.

Sources said that review found that Madhuri Grover allegedly shared confidential information that was used by her father and brother to create and raise invoices on the company under the camouflage of certain third parties.

She is alleged to have billed the company for personal expenses including those towards 'laser genesis and clearlift' face treatment in April 2021 as well as televisions (a LED TV and a Sony Bravia 65-inch) and a fridge for her residence.

Other allegations against her include US and Dubai trip for family members being charged back to the company, inflated purchases of marketing and branding products, fake quotes procured from friendly parties and salary of main and personal staff being paid from the company.

All the bills were approved by her, they said. She was financial in-charge of the company since October 2018.

"As per your query, we can confirm that services of Madhuri Jain Grover have been terminated in accordance with the terms of her employment agreement," a BharatPe spokesperson said. The spokesperson, however, did not give reasons for the termination.

Her services were terminated effective February 22.

Earlier this month, it was reported that Madhuri Grover had resigned but she is said to have written to the board, saying she never tendered her resignation that was 'accepted' by the company.

Sources said her resignation was offered by her husband in the January 19 board meeting. He had immediately took back his decision and called it

spontaneous.