BharatPe obtained a recent discover from the Ministry of Company Affairs, in search of particulars from the digital funds firm about its working and the proceedings it had initiated towards cofounder Ashneer Grover, individuals within the know informed ET.
The ministry additionally requested questions over the findings in a standing report filed by the Delhi Police’s Financial Offences Wing, which had investigated allegations of economic irregularities on the firm, they stated.
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The corporate confirmed receipt of the discover and in a reply to ET’s questions, stated it was associated to an inquiry that began in 2022. The Registrar or Corporations, an arm of the ministry, has sought further data in a letter to the corporate, a spokesperson stated.
In 2022, the MCA had sought data from BharatPe on its inside governance, funding in mutual funds and inventory choices supplied to unbiased administrators together with chairman and former State Financial institution of India chief Rajnish Kumar.
The recent discover to the corporate comes amid growing authorities and regulatory scrutiny of fintech corporations over problems with compliance and inside governance. Final week, the Reserve Financial institution of India ordered BharatPe rival Paytm’s funds financial institution unit to cease taking deposits and offering banking companies publish February 29.
The RoC has issued the discover to BharatPe beneath Part 206 of the Corporations Act, the individuals stated. Beneath this part, corporations should furnish the data sought by the registrar. It additionally provides the ministry the precise to examine the books of an organization or name for an inquiry.
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BharatPe stated the data required is a part of the continuing inquiry that the corporate had talked about in its audited outcomes. “We’re extending all attainable cooperation to the authorities,” the spokesperson stated.BharatPe has additionally been embroiled in a authorized tussle with cofounder Grover and his spouse Madhuri Jain, who was the corporate’s head of controls. In December 2022, the New Delhi-based fintech agency filed a civil swimsuit within the Delhi Excessive Court docket towards Grover and his members of the family, in search of as much as Rs 88.67 crore in damages for alleged embezzlement of funds.
In November, final yr, the corporate sought an injunction from the excessive courtroom towards Grover from divulging “confidential data” referring to the corporate. It has initiated arbitration in Singapore, in search of to claw again Grover’s restricted (or unvested) shares.
Grover had appeared earlier than the Delhi Police’s Financial Offences Wing in November final yr for questioning within the alleged fraud case.