BharatPe Founder Says Kotak Botched Up IPO, Bank Raises "Abusive Call"

Monday, 10 January 2022newsdesk

he co-founder of payments firm BharatPe has sent a legal notice to Kotak Mahindra Bank in a dispute over shares of FSN E-Commerce Ventures Ltd, which owns the e-tailer Nykaa, whose blockbuster initial public offering last year valued the Indian company at nearly ₹ 96,000 crore.

New Delhi, 10 January 2022

As per news report of NDTV, BharatPe co-founder Ashneer Grover and his wife Madhuri Grover have alleged that Kotak Mahindra Bank went back on their deal to get them shares worth ₹ 500 crore in FSN E-Commerce Ventures Ltd after Nykaa's initial public offering, or IPO, was launched. The bank responded saying it is looking at legal options against Mr Grover for using "inappropriate language" in a call with a Kotak Mahindra Bank employee. Last week, an audio clip surfaced on social media where a couple is purportedly speaking to who appears to be a relationship manager from a bank. The man hurled abuses and the bank employee is heard pacifying him.

Source - NDTV