BharatPe appoints Interim CFO

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BharatPe appoints Interim CFO
02 Apr 2022
6 min read
TWN Special

News Synopsis

Fintech Startup BharatPe has been in the limelight lately, but for all the wrong reasons. However, the feud between the management of the company and its co-founder Ashneer Grover came to an end last month, with the latter resigning from its post. Now, the chairman of the fintech company, Rajnish Kumar, informed that the company has appointed an executive from professional services firm Alvarez & Marsal (A&M) as its interim chief financial officer. The company is searching for a permanent CFO after Mr. Grover and his wife Madhuri Jain left the company after serious allegations of financial irregularities and fund misappropriation against them. Mr. Kumar further informed that the board, management, founders, and chief executive Suhail Sameer were aligned on the company's growth plan. They are also planning to hit the Indian bourse in the next 18-24 months. Also, the number of independent directors will also be informed in the coming future. He further said: “As far as the company is concerned, the business is doing well, and numbers are good. Even for March, we are expecting that all the numbers will be very good. So, there is no impact on business. On governance, we have put an interim CFO. We are recruiting a CFO; the process is on and there is a shortlist. Internal auditors — both permanent employee and outsourcing of internal audits — that is being put in place. All of the policies are being reviewed.”

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