BharatPe has decided to claw back the restricted shares of former Managing Director and Shark Tank India famed Ashneer Grover.
In March, VCCircle reported that according to the shareholder agreement, Grover may have to forfeit unvested stock options equivalent to around 1.4 percent of his shareholding, if the PwC inquiry finds evidence of misconduct against him.
Grover currently holds roughly 8.5 percent in BharatPe. Of this 1.4 percent is not vested.
The steps have been taken by the company's board following a detailed corporate governance review against the backdrop of alleged lapses and misdoings during the tenure of Grover.
The company has also announced a new code of conduct for senior management and employees, a new and comprehensive Vendor Procurement Policy, blocking of vendors involved in malpractices, and regular internal audits.
BharatPe has also terminated the services of several employees in departments who were directly involved with these blocked vendors. If required, the company will be filing criminal cases against some of these employees for the misconduct and act of cheating committed by them against the company, it said.