BharatPe emphasised that the requested information was part of the ongoing inquiry mentioned in its audited results and affirmed its cooperation with the authorities.
(Photo: BhratPe)
The Fintech giant BharatPe received a fresh notice from the Ministry of Corporate Affairs (MCA) requesting details about its operations and legal actions taken against co-founder Ashneer Grover, according to recent reports.
It also raised queries regarding the findings in a status report submitted by the Delhi Police’s Economic Offences Wing (EOW), which investigated allegations of financial irregularities within the company.
Further, the Registrar of Companies has sought additional information through a letter to the company.
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BharatPe emphasised that the requested information was part of the ongoing inquiry mentioned in its audited results and affirmed its cooperation with the authorities.
The notice to BharatPe falls under Section 206 of the Companies Act, mandating companies to furnish information requested by the registrar and granting the ministry authority to inspect company books or initiate an inquiry.
BharatPe has been entangled in legal disputes with co-founder Ashneer Grover and his wife, Madhuri Jain.
BharatPe filed a civil suit against Grover and his family members in December 2022, seeking damages for alleged embezzlement of funds. Last year, the Economic Offences Wing (EOW) filed an FIR against Grover and others for alleged fraud after a complaint by BharatPe.
Ashneer Grover and his wife approached the Delhi High Court seeking the quashing of a Lookout Circular issued against them in connection with the investigation.
The court has directed the authorities to consider their application for permission to travel abroad.
The development comes at a time when there is a regulatory scrutiny of fintech firms concerning compliance and internal governance. The Reserve Bank of India has recently directed Paytm’s payments bank unit to cease accepting deposits and providing banking services after February 29, citing violations of various norms, including KYC guidelines.
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