SUMMARY
While Ashneer Grover was paid INR 1.69 Cr in FY22, former CEO Suhail Sameer withdrew a salary of INR 2.12 Cr
Former head of controls at BharatPe Madhuri Jain Grover received a paycheck of INR 63 Lakh in FY22
BharatPe’s board chairman Rajnish Kumar took home a remuneration of INR 25.4 Lakh
As the infamous BharatPe saga continues to unravel, the fintech major’s regulatory filings have now given a sneak peek into the salaries of the top executives of the company.
The former managing director and cofounder Ashneer Grover was paid INR 1.69 Cr during the financial year 2021-22 (FY22) against a salary of INR 1.35 Cr in FY21. His wife and former head of controls at the fintech major Madhuri Jain Grover received a paycheck of INR 63 Lakhs during the same period.
While former CEO Suhail Sameer was paid INR 2.12 Cr in the fiscal year ended March 2022, BharatPe’s board chairman Rajnish Kumar took home a remuneration of INR 25.4 Lakh.
Sameer exited the company earlier this month after questions emerged over his leadership in the face of a INR 5,000 Cr loss reported by the fintech giant in FY22.
Besides, cofounder Shashvat Nakrani was paid INR 29.8 Lakh in managerial remuneration during the period under review. His salary in FY22 saw an increase of more than 12% from INR 26.6 Lakh in FY21.
Another board member Kewal Handa was paid INR 36 Lakh.
It is pertinent to note that these remunerations exclude share-based payments, which also form a considerable part of the total remunerations for many of these key managerial personnel (KMP). The regulatory filings reported that BharatPe spent INR 70 cr in share-based payments in FY22, up 218% YoY.
The reports paint a picture of the financials right before a fracas between Ashneer Grover, the then top executives and board members unfolded into a public spat.
It all began around February last year when Alvarez & Marsal (A&M) was roped in to conduct a governance audit of the fintech player. Subsequently, Madhuri was ousted while Ashneer tendered his resignation in a public fallout.
In between, Ashneer took potshots at the company and even took the company to SIAC. BharatPe responded with a INR 89 Cr defamation case in the Delhi High Court against the couple and their relatives for restraining Grover for hurting the image of the company.
The fintech startup has also filed a case with the Economic Offences Wing against the Grovers for misappropriation of funds.
The company has also moved the SIAC seeking to claw back Ashneer Grover’s 1.4% unvested equity and to restrain Grover from using the title of cofounder.
Besides, ex-cofounder Bhavik Koladiya also sued Ashneer Grover and BharatPe in the Delhi High Court earlier this month to claw back his shares in the company.
While the cases are still being fought, BharatPe continues to be saddled with mounting losses. BharatPe’s total loss surged 3.4X in FY22 to INR 5,610.7 Cr from INR 1,619.2 Cr in FY21.
