Bharat Pe has decided to claw back the restricted shares that were granted to former founder Ashneer Grover who was forced out of the payments startup in a boardroom coup precipitated by accusations of financial irregularities.

On Tuesday, the firm said it had also terminated the services of several employees and vendors and filed criminal cases against them.

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 as managing director.

IPO-hopeful BharatPe, which allows shop owners to make digital payments through QR codes, has implemented a new code of conduct for senior management and employees and brought in a comprehensive vendor procurement policy to avoid a repeat of alleged lapses that happened when Grover was managing director.

In a statement, BharatPe said it had in January initiated a corporate governance review of the company.

Alvarez & Marsal (A&M), a global professional services firm notable for its work in turnaround management, and Shardul Amarchand Mangaldas & Co, India’s leading law firm, were roped in to help the board and management with its governance review. PwC, a leading consulting firm, will help determine wilful misconduct and gross negligence by a former founder.

That review followed allegations against Grover, who had to go on leave in January.