Monday, March 4, 2024

Shock to Bharat Pay after Paytm, will Ashneer Grover’s UPI app be closed?

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The controversy over online payment and banking app Paytm was still going on and now Bharat Pay has also received a new notice. The Ministry of Corporate Affairs has issued a new notice to online UPI payment app and fintech company BharatPe. In such a situation, many questions are being raised among the people using UPI. Due to one action after another of the government, people have doubts whether UPI will be closed? So let us tell you why the government has sent this notice…

Why did you get the notice?

According to media reports, in the notice, the government has sought information from the company about the legal action taken against its founder Ashneer Grover. The Corporate Ministry has sought information from the company about the evidence that the company has submitted in the court in the criminal case filed against Ashneer Grover. Let us tell you that this matter has been going on for almost two years.

What does BharatPe have to say?

Fintech company BharatPe has issued a statement regarding this. The company says that the Registrar of Companies (RoC) has sent a letter in which some additional information has been sought. This information sought is a part of the ongoing investigation which was started after the internal governance review and which was brought forward by the company in its audited results. The company says that it is cooperating with the authorities in every possible way.

What is the whole matter?

Controversy going on since the beginning of 2022: Four-year-old company Bharat Pe was embroiled in controversies in the beginning of 2022 itself. At that time, its founder was accused of using inappropriate language and also threatening an employee of Kotak Group when he did not get allotment in Nykaa IPO. After this controversy, Ashneer Grover resigned from the post of Managing Founder (MD) of BharatPe but the company started a forensic audit of all the financial practices done under his leadership.

Later the company filed a civil case against Ashneer Grover. It alleged a web of fake bills and misuse of company funds for personal use. Apart from the allegations of fraudulent transactions and fake vendors, the company alleged in its lawsuit that Ashneer Grover did not contribute anything to the technology or concept of BharatPe. It said that Ashneer Grover’s association with the company began in 2018 and at that time he made a ‘modest’ investment of Rs 31,920, for which he received 3,192 shares.

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