GST authorities are now scrutinising BharatPe books of the last four years to see if bogus invoices were issued for services as well
GST authorities have expanded the probe into alleged tax evasion by fintech firm BharatPe to include reported issuance of fake invoices by those close to the firm's ousted co-founder Ashneer Grover
As the Ashneer-BharatPe fight now on a legal course, the Board of company will not intervene in a new controversy regarding the company's original founder Bhavik Koladiya and his stake in the firm
BharatPe, which allows shop owners to make digital payments through QR codes, last week stripped Grover of all titles and positions over his alleged "misdeeds" and may take further legal actions
Bharatpe, In October 2021, had accepted it had issued invoices to non-existent vendors and paid about Rs 11 crore, in dues and penalty, to the tax department
Along with BharatPe, Unity Small Finance Bank, which is a joint venture between BharatPe and the Centrum Group, has also removed his profile from its portal
Ashneer Grover's family and their relatives engaged in extensive misappropriation of company funds, including creating fake vendors through which they siphoned money, says company in statement
Business Standard brings you the top headlines on Wednesday
Ashneer Grover's 9.5% stake in the company might be clawed back as it is on the Board's agenda to deliberate on the issue in the meeting tonight.
'I am the rebel slave who must be hung by the tree so none of the other slaves can dare to be like me ever again,' says co-founder of fintech unicorn BharatPe, Asheer Grover in resignation letter
The RBI is also gauging the extent of damage to the Indian banking sector amid the Ukraine crisis. More on this and other stories in our top headlines this morning.
This comes amid a tussle in the company where Grover has found himself on the opposite side of the Board, key investors in the company and his co-founders
Grover had filed an arbitration plea to stop a probe into alleged financial mismanagement in the company, and had also sought indemnity
Russia-India defence sales face looming sanctions. More on that in our top headlines.
Audit at BharatPe had suggested deeper investigation on deals with non-existent vendors
The Centre will wait and watch how the Russia-Ukraine crisis affects the stock markets before taking a call on deferring the IPO of LIC. More on this in our top headlines.
A final decision on Ashneer Grover's fate at BharatPe may be taken by the investors and the board after the audit report is presented
Murmurs of a toxic work culture at BharatPe grew louder in the wake of its co-founder's personal behaviour
Jaspal Bindra says Centrum's partnership is with funds like Sequoia, not Grovers
President Volodymyr Zelenskiy said on Thursday Ukrainian forces were fighting to prevent Russian troops from capturing the former nuclear power plant at Chernobyl.