{"id":41259,"date":"2022-05-10T11:16:47","date_gmt":"2022-05-10T05:46:47","guid":{"rendered":"https:\/\/tradebrains.in\/features\/?p=41259"},"modified":"2022-05-10T11:35:05","modified_gmt":"2022-05-10T06:05:05","slug":"biz-bharatpe-founder","status":"publish","type":"post","link":"https:\/\/tradebrains.in\/features\/biz-bharatpe-founder\/","title":{"rendered":"BharatPe initiates action against former founder to claw back restricted shares"},"content":{"rendered":"<div class=\"trade-content_2\" style=\"margin-left: auto;margin-right: auto;text-align: center;\" id=\"trade-1815858968\"><p><a href=\"https:\/\/tradebrains.in\/get\/telegram\/\"><img decoding=\"async\" class=\"alignnone wp-image-101992\" src=\"https:\/\/tradebrains.in\/features\/wp-content\/uploads\/2023\/01\/telegram-channel-300x119.png\" alt=\"\" width=\"148\" height=\"59\" \/><\/a> <a href=\"https:\/\/news.google.com\/publications\/CAAqBwgKMN3Epgswxc--Aw?hl=en-IN&amp;gl=IN&amp;ceid=IN%3Aen\"><img decoding=\"async\" class=\"alignnone wp-image-123430\" src=\"https:\/\/tradebrains.in\/features\/wp-content\/uploads\/2024\/05\/follow-on-google-news-300x82.png\" alt=\"follow-on-google-news\" width=\"222\" height=\"61\" srcset=\"https:\/\/tradebrains.in\/features\/wp-content\/uploads\/2024\/05\/follow-on-google-news-300x82.png 300w, https:\/\/tradebrains.in\/features\/wp-content\/uploads\/2024\/05\/follow-on-google-news-150x41.png 150w, https:\/\/tradebrains.in\/features\/wp-content\/uploads\/2024\/05\/follow-on-google-news.png 468w\" sizes=\"(max-width: 222px) 100vw, 222px\" \/><\/a><\/p>\n<\/div><p>BharatPe on Tuesday said it has initiated necessary action against a former founder to claw back his restricted shares following a governance review.<\/p><div class=\"trade-content_7\" style=\"margin-left: auto;margin-right: auto;text-align: center;\" id=\"trade-3579658692\"><!-- Composite Start --> \r\n <div id=\"M923760ScriptRootC1549812\"> \r\n <\/div> \r\n <script src=\"https:\/\/jsc.mgid.com\/t\/r\/tradebrains.in.1549812.js\" async> \r\n <\/script> \r\n <!-- Composite End --><\/div>\n<p>In a statement, the firm said it will take all steps to enforce its right under the law.<\/p>\n<p>In January 2022, the board of BharatPe initiated the corporate governance review of the company.<\/p>\n<p>The company had appointed Alvarez &amp; Marsal (A&amp;M), a global professional services firm notable for its work in turnaround management and performance improvement, Shardul Amarchand Mangaldas &amp; Co (SAM), India&#8217;s leading law firm, to help the board and management with its governance review and PwC, a leading consulting entity, to determine wilful misconduct and gross negligence by a former founder.<\/p><div class=\"trade-content_5\" id=\"trade-3069167288\"><script async src=\"https:\/\/pagead2.googlesyndication.com\/pagead\/js\/adsbygoogle.js?client=ca-pub-4023722985638610\"\r\n     crossorigin=\"anonymous\"><\/script>\r\n<!-- in_content_2_news -->\r\n<ins class=\"adsbygoogle\"\r\n     style=\"display:block\"\r\n     data-ad-client=\"ca-pub-4023722985638610\"\r\n     data-ad-slot=\"7925020301\"\r\n     data-ad-format=\"auto\"\r\n     data-full-width-responsive=\"true\"><\/ins>\r\n<script>\r\n     (adsbygoogle = window.adsbygoogle || []).push({});\r\n<\/script><\/div>\n<p>&#8220;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,&#8221; the statement said.<\/p>\n<p>These include a new code of conduct for senior management and employees, a\u00a0new and comprehensive Vendor Procurement Policy, blocking of vendors involved in malpractices, and regular internal audits.<\/p>\n<p>&#8220;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,&#8221; it said.<\/p>\n<p>BharatPe said it has registered the strongest quarter in its history (Q4 FY22) with 4x growth in overall revenue.<\/p>\n<p>&#8220;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.<\/p>\n<p>&#8220;Going forward, we are tracking well to break even on our merchant business and further strengthen our consumer business,&#8221; the statement said. PTI ANZ BAL BAL<\/p><div class=\"trade-content-10\" id=\"trade-1172679411\"><script async src=\"https:\/\/pagead2.googlesyndication.com\/pagead\/js\/adsbygoogle.js?client=ca-pub-4023722985638610\"\r\n     crossorigin=\"anonymous\"><\/script>\r\n<!-- in_content_3_news -->\r\n<ins class=\"adsbygoogle\"\r\n     style=\"display:block\"\r\n     data-ad-client=\"ca-pub-4023722985638610\"\r\n     data-ad-slot=\"2969612066\"\r\n     data-ad-format=\"auto\"\r\n     data-full-width-responsive=\"true\"><\/ins>\r\n<script>\r\n     (adsbygoogle = window.adsbygoogle || []).push({});\r\n<\/script><\/div>\n<div class=\"trade-after-content\" id=\"trade-2573115732\"><div id=\"taboola-below-article-thumbnails\"><\/div>\r\n<script type=\"text\/javascript\">\r\n  window._taboola = window._taboola || [];\r\n  _taboola.push({\r\n    mode: 'alternating-thumbnails-a',\r\n    container: 'taboola-below-article-thumbnails',\r\n    placement: 'Below Article Thumbnails',\r\n    target_type: 'mix'\r\n  });\r\n<\/script>\r\n<script type=\"text\/javascript\">\r\n  window._taboola = window._taboola || [];\r\n  _taboola.push({flush: true});\r\n<\/script><\/div>","protected":false},"excerpt":{"rendered":"<p>BharatPe on Tuesday said it has initiated necessary action against a former founder to claw back his restricted shares following a governance review. In a statement, the firm said it will take all steps to enforce its right under the law. In January 2022, the board of BharatPe initiated the corporate governance review of the [&hellip;]<\/p>\n","protected":false},"author":13,"featured_media":34630,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_et_pb_use_builder":"","_et_pb_old_content":"","_et_gb_content_width":"","footnotes":""},"categories":[1696,31,1789],"tags":[],"class_list":["post-41259","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-corporate-action","category-news","category-trending-news"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v20.5 (Yoast SEO v25.0) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>BharatPe initiates action against former founder to claw back restricted shares - Trade Brains Features<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/tradebrains.in\/features\/biz-bharatpe-founder\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"BharatPe initiates action against former founder to claw back restricted shares\" \/>\n<meta property=\"og:description\" content=\"BharatPe on Tuesday said it has initiated necessary action against a former founder to claw back his restricted shares following a governance review. 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