BharatPe CEO Suhail Sameer, who had fallen out with Ashneer Grover, steps down

News Network
January 3, 2023

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BharatPe CEO Suhail Sameer, who had fallen out with former co-founder Ashneer Grover, has quit. In a statement, BharatPe said he will transition from Chief Executive Officer to Strategic Advisor effective January 7, 2023.

"This will ensure a smooth transition for current CFO, Nalin Negi who has been appointed interim CEO to partner with senior executives to bolster execution in all phases of the company's business."

A leadership transition is being planned at the firm, and an announcement in this regard will likely be made later this month.

Sameer’s departure will be the latest in a slew of recent top-level exits at the Tiger Global investee firm. Last month, three senior executives—chief technology officer Vijay Aggarwal, PostPe head Nehul Malhotra, and Rajat Jain, chief product officer for lending and consumer products—resigned from the company.

Nishit Sharma, the company’s chief revenue officer, left the company in June. Satyam Nathani, one of BharatPe’s founding members, also left to pursue his entrepreneurial ambitions in the same month.

 In the last week of June, Bhavik Koladiya, who ran the fintech firm’s technology and product divisions, stepped down in a move that has proved to be among the most consequential departures. Koladiya and Shashvat Nakrani founded BharatPe in July 2017, although the firm wasn’t incorporated till March 2018. Grover joined the company in June 2018.

Sameer has, in recent weeks, come in for personal attacks by Grover, who has responded to civil and criminal suits alleging fraud, filed by BharatPe, by unleashing a fusillade of disparaging tweets about erstwhile BharatPe colleagues.

Two people familiar with the board’s thinking said in December that the board has been scouting for a CEO and was keen to replace Sameer.

Sameer, who was previously CEO of the FMCG business at RP-Sanjiv Goenka Group, joined BharatPe in August 2020 as president. When Grover’s focus shifted to getting a banking licence through the acquisition of PMC Bank and fund-raising, all top leaders at the firm were asked to report to Sameer. He also started managing day-to-day activities. In August 2021, Sameer was formally made the CEO of BharatPe.

BharatPe denied the development. “Suhail continues to be the CEO of BharatPe, and we would not like to further comment on any market speculation," a company spokesperson said.

Sameer separately responded to a Mint query over text message: “I haven’t resigned. Rumour."

In the past few months, most exits have occurred from BharatPe’s product and technology teams, which could impact the operations of Unity Small Finance Bank, which relies heavily on BharatPe for its technology capabilities. The bank is a joint venture between BharatPe and Centrum and was granted a banking licence in October 2021.

The exits also come at a time when the firm is trying to put the negative publicity around the alleged financial fraud perpetrated by Grover behind it and transform itself into a professionally run firm. The company, which is focused on achieving profitability, is also preparing itself for an IPO in 18-24 months.

The company joined the unicorn club after raising $370 million from Tiger Global in August 2021. Former SBI chairman Rajnish Kumar was appointed as chairman of BharatPe in October 2021.
 

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News Network
November 12,2024

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The Palestinian Hamas resistance movement says its fighters have killed at least 20 Israeli soldiers in northern parts of the besieged Gaza Strip in just two days, in retaliation for the occupying regime’s genocidal war on the Palestinian territory.

In a statement on Monday evening, Hamas said that fighters of its military wing, al-Qassam Brigades, “killed at least five occupation soldiers” in northern parts of the coastal territory earlier in the day.

It added that Hamas fighters also killed 15 Israeli soldiers in the war-ravaged region on Sunday.

The resistance movement’s “qualitative operation … confirms once again the failure of the criminal Zionist entity to suppress and eradicate the Palestinian resistance, which continues to direct qualitative strikes against its terrorist soldiers,” Hamas further said on its Telegram channel.

Palestinians have increased their resistance operations in the face of intensified Israeli aggression in northern Gaza that has claimed the lives of more than 1,000 over the past weeks.

“Our valiant resistance is waging a war of attrition with the criminal enemy, inflicting daily losses on its soldiers and vehicles, and all of [Israeli prime minister Benjamin] Netanyahu’s bets and dreams of achieving any of his goals are failing,” the Gaza-based resistance movement added.

Hamas also vowed that Israel’s ongoing crimes and aggression against Gaza would be met with increased resistance and painful strikes, which will continue until the aggression against Palestinians ends and the regime fully withdraws from the blockaded territory.

As the war in Gaza enters its 14th month, the Health Ministry reports that Israeli attacks have killed at least 43,603 Palestinians and wounded 102,929 others.

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News Network
November 13,2024

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New Delhi: The Supreme Court took a firm stance on ‘bulldozer justice’ today, affirming that the Executive cannot bypass the Judiciary and that the legal process must not prejudge the guilt of an accused. In a significant judgment, the bench led by Justices BR Gavai and KV Viswanathan set new guidelines for demolition practices, responding to petitions challenging the controversial bulldozer actions taken against individuals accused of crimes.

The rise of this practice, termed 'bulldozer justice,' has seen authorities in various states demolish what they claim to be illegal structures belonging to accused individuals. However, multiple petitions questioned the legality and fairness of this approach, bringing the matter before the court.

Justice Gavai highlighted that owning a home is a cherished goal for many families, and an essential question was whether the Executive should have the authority to strip individuals of their shelter. “In a democracy, the rule of law protects citizens from arbitrary actions by the state. The criminal justice system must not assume guilt,” stated the bench, underscoring that due process is a fundamental right under the Constitution.

On the principle of separation of powers, the bench reinforced that the Judiciary alone holds adjudicatory powers and that the Executive cannot overstep these boundaries. Justice Gavai remarked, “When the state demolishes a home purely because its resident is accused of a crime, it violates the doctrine of separation of powers.”

The court issued a strong warning about accountability, stating that public officials who misuse their power or act arbitrarily must face consequences. Justice Gavai observed that selectively demolishing one property while ignoring similar cases suggests that the aim might be to penalize rather than enforce legality. “For most citizens, a house is the product of years of labor and dreams. Taking it away must be an action of last resort, thoroughly justified,” he said.

In its directives under Article 142 of the Constitution, the Supreme Court established new demolition guidelines. These include:

Mandatory Show-Cause Notice: No demolition should occur without first issuing a show-cause notice. The person served has a minimum of 15 days or the duration stated in local laws to respond.

Transparency of Notice Content: The notice must include specifics about the alleged unauthorized construction, the nature of the violation, and the rationale for demolition.

Hearing and Final Order: Authorities are required to hear the response of the affected individual before issuing a final order. The homeowner will have 15 days to address the issue, with demolition proceeding only if no stay order is obtained from an appellate authority.

Contempt Proceedings: Any breach of these guidelines would lead to contempt proceedings. Officials who disregard these norms will be personally accountable for restitution, with costs deducted from their salaries.

Additionally, the court mandated that all municipal bodies establish digital portals within three months, displaying show-cause notices and final orders on unauthorized structures to ensure public transparency and accountability.

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News Network
November 16,2024

Mangaluru: The Kavoor police in Mangaluru, Karnataka, have arrested three individuals from Kerala in connection with two separate cybercrime cases, including one involving extortion under the guise of a "digital arrest."

City Commissioner of Police Anupam Agrawal reported that one of the arrested individuals, Nisar, a resident of Ernakulam district, posed as a CBI officer. He allegedly threatened the complainant with arrest and extorted Rs 68 lakh. A case has been filed under sections 66 (C) and 66 (D) of the IT Act, and sections 308 (2) and 381 (4) of BNS.

In another case, the Kavoor police arrested two men, Sahil K P of Thiruvannur, Kozhikode, and Muhammad Nashath of Mappila Koyilandy, Kerala, in connection with a share trade fraud. The accused are alleged to have deceived the complainant by promising substantial profits from an investment in the stock market. Trusting the fraudsters, the complainant invested Rs 90 lakh, which was subsequently lost. A case has been registered under sections 66 (C) and 66 (D) of the IT Act, and sections 318 (4) and 3 (5) of BNS.

The accused were arrested in Koyilandi and presented before the court. The operation was carried out under the guidance of City Police Commissioner Anupam Agrawal, led by Mangaluru North Sub-Division ACP Srikanth K, Kavoor Inspector Raghavendra Byndoor, Kavoor PSI Mallikarjuna Biradara, and staff members Ramanna Shetty, Bhuvaneshwari, Rajappa Kashibai, Praveen N, and Malatesh. 

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