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Never sought any resignation: Maduri Jain Bharat Pe, Head of Control

In the newest development in the BharatPe internal saga comes Madhuri Jain, the company’s head of controls and wife of co-founder Ashneer Grover, wrote to management saying she never offered the resignation it had accepted, in an interview with a leading newspaper on Friday.

The news: The fintech start-up told the leading newspaper that it “never sought any resignation” from Jain and hence its acceptance of such “does not arise”.

What they are saying: The company mentioned that Jain was asked to go on a compulsory leave of absence on January 20.

  • Confusion regarding Jain’s resignation arose between board members and the BharatPe top management after Grover offered his resignation at a board meeting on January 19 and this was recorded in the minutes of the meeting the publication reported citing several source.
  • According to sources, Grover has now claimed that Jain’s departure was a “spontaneous” choice that was not agreed by all board members. Grover’s resignation “will be determined following his return to the firm,” according to a communication on the meeting minutes.
  • Jain then contacted the board, saying her “claimed resignation was really stunning and contradicts accepted principles of corporate governance and ethics,” the newspaper reported.
  • “Neither did I have any information about the same, nor have I tendered any such resignation. The ‘purported’ resignation was accepted by the board merely on account of my being Ashneer’s wife. I would like to take this opportunity to remind the board that I am the head of controls at the company, and that my role goes further than just being limited to being the wife of Ashneer,” the newspaper quoted her as saying.
  • “Formally resign once exonerated in a fair and independent review,” Jain added.
  • “I want to end by saying that I have been treated in the most disrespectful manner by the board. If this is the manner in which the company treats its female employees, I have no interest in continuing to be associated, in any capacity, with it. I would have willingly resigned, but for the fact that the integrity of not only myself but also my family members has been viciously attacked in the crossfire of what is evidently a shareholders’ dispute,” Jain said.

The backstory: According to sources, BharatPe CEO Suhail Sameer had sought Jain’s resignation “informally” on January 20, even before independent consultants Alvarez & Marsal (A&M) delivered their report.

  • This was also the day when Grover announced his “voluntary leave” till March 31, they added.

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