The recent BharatPe’s regulatory filings have revealed the details of the remuneration of its key managerial personnel and the details have raised new questions related to its legal proceedings with Grover’s couple.
Ex-MD and Co-Founder of BharatPe Ashneer Grover were paid INR 1.69 crores during FY22, at the same time, Ashneer Grover’s wife and Ex-Head of Controls at Bharatpe Madhuri Jain Grover received a remuneration of INR 63 Lakhs.
Apart from the 2-personnel, the filings also mentioned Ex-CEO Suhail Sameer’s remuneration of INR 2.12 crores and Chairman of the Board Rajnish Kumar used to get INR 25.4 Lakhs.
Sameer left the CEO chair of the company in the beginning of Jan’23 as there were multiple questions directed on his leadership in the huge losses of INR 5000 crores for the company during FY’22.
At the same time, Co-Founder Shashvat Nakrani was paid INR 29.8 Lakhs as managerial remuneration. There’s a rise of 12% in remuneration compared to FY21. And, board member Kewal Handa was paid INR 36 Lakhs.
It is very important to note that the above-mentioned remunerations do not include share-based payments, they also form a considerable part of the remunerations this senior management personnel receive. As per the filings, it is given that the company spend INR 70 crores on share-based payments in FY’22.
The financial reports of the company brought a commotion among the top executives, board members and Ashneer Grover.
All this started in Feb’22 when the consulting company Alvarez & Marsal (A&M) was brought in to conduct an audit of the governance of this company. That’s when Madhuri Jain has left the company while Ashneer Grover submitted his resignation.
As a response, Ashneer took the company to The Singapore International Arbitration Centre (SIAC) and the company filed a defamation suit of INR 89 crores against the Grover’s couple and a few relatives of Grover’s for damaging the public image of the company.
Amidst, this the company has also filed a case against both the Grover’s with Economic Offences Wing for misappropriation of the funds.
In the meanwhile, the company has moved to The Singapore International Arbitration Centre (SIAC) to enforce clawback on Ashneer Grover’s equity of 1.4% unvested shares and to restrain Grover from the title of “Co-Founder”.
This is when the Ex Co-Founder Bhavik Koladiya sued both Ashneer Grover and the company BharatPe in the Delhi High Court to claw back his shares in the company in the beginning of Jan’23.
With all these cases and legal proceedings going on, the company is unable to see profits and they’re still in losses. The company has seen a total loss of INR 5610.7 crores in FY22.