Payments startup BharatPe said that its board had recommended several measures, following a corporate governance review, including termination of several employees and vendors and filing criminal cases against them for misconduct.
BharatPe said that it has terminated the services of several employees in departments who were directly involved with blocked vendors.
The measures include a new code of conduct which will apply to senior management and employees. The code of conduct inter-alia deals with the conflict of interest and other issues that will help to strengthen overall governance in the company.
A comprehensive vendor procurement policy has been formulated to ensure that a robust mechanism is in place for on-boarding and engaging with vendors and mitigate any risk of employees indulging in suspicious transactions to enrich themselves.
The firm added, “Many vendors involved in malpractices, such as incorrect or inflated invoices, have been blocked for further business with the company... the company has already issued legal notices to these vendors to recover the amount and will be filing civil or criminal cases against them in the coming days.”
Recently, BharatPe came under intense investor and media scrutiny after co-founder Ashneer Grover sought damages from Uday Kotak, head of Kotak Mahindra Bank, alleging that the bank declined him financing for a personal investment.
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