Karanjawala & Co to represent BharatPe's Ashneer Grover

Karanjawala & Co to represent BharatPe's Ashneer Grover

Shardul Amarchand Mangaldas, representing the fintech company, has appointed Alvarez and Marsal to conduct an independent audit

New Delhi-based full service boutique litigation firm Karanjawala & Co is set to represent BharatPe co-founder Ashneer Grover. Also the managing director of the firm, Grover has been weighing his legal options amid calls for his exit from the company in the wake of an investigation into financial irregularities.

Raian Karanjawala, the managing partner of the firm, has confirmed the development.

The Board of Directors of BharatPe had recently issued a statement about conducting an investigation and audit into the alleged financial irregularities that took place when Grover was at the helm. The irregularities include multiple discrepancies around invoicing, payments for the QR-code fleet, and related-party transactions resulting in a conflict of interest.

Meanwhile, Shardul Amarchand Mangaldas, which is representing BharatPe, appointed a management consultant and risk advisory firm Alvarez and Marsal to conduct an independent audit.

After a video surfaced on Twitter of him having an expletive-laden conversation with an employee of Kotak Mahindra Bank, Grover has been on a voluntary leave till the end of March.

It is being contemplated that Grover may be relieved of his nine percent stake in the company in the wake of the controversy. He has been discussing with Karanjawalas how best to safeguard his shareholding in the company and also to deal with any resultant fallout from the ongoing investigation.