BharatPe cofounder Ashneer Grover summoned by Delhi HC in unpaid shares dispute

Synopsis During the hearing on Friday, Nakrani’s counsel sought an interim order from the bench of Justice Sachin Datta, referring to the similar case filed by Koladiya where the court had issued an interim order restricting Grover from creating any third-party rights on the shares. Ashneer Grover/ Twitter The Delhi High Court on Friday issued summons to BharatPe cofounder and former managing director Ashneer Grover in a case filed against him by another cofounder, Shashvat Nakrani, over unpaid shares. Grover has to appear before the court on the next date of hearing, which is scheduled for March 28.

The company’s other cofounder, Bhavik Koladiya, who had founded the company along with Nakrani and then inducted Grover into the team, too has separately sued the former MD to reclaim his shares in Resilient Innovations, the parent entity which runs BharatPe. During the hearing on Friday, Nakrani’s counsel sought an interim order from the bench of Justice Sachin Datta, referring to the similar case filed by Koladiya where the court had issued an interim order restricting Grover from creating any third-party rights on the shares. Justice Datta asked Grover’s counsel, Giriraj Subramanium, if he was ready to state in the court that Grover wouldn’t create any third-party rights.

Subramanium said he did not have instructions from his client to do so. The court also pointed out that the case was filed by Nakrani almost five years after the transfer of shares took place. On March 28, the court will hear the demand for interim relief.

Discover the stories of your interest Blockchain 5 Stories Cyber-safety 7 Stories Fintech 9 Stories E-comm 9 Stories ML 8 Stories Edtech 6 Stories Koladiya had founded the fintech firm in 2017 with Nakrani, his schoolteacher’s son. In 2018, they began searching for a chief executive and eventually joined hands with Grover. After joining the firm as third cofounder, Grover bought the shares from Koladiya and Nakrani, and was to pay them for their stake.

Over the past month, Grover and his wife Madhuri Jain Grover, who was also the former head of controls at the fintech company, have faced a litany of legal suits filed by the company and its founders. BharatPe had filed civil and criminal suits in the high court against Grover and the others, in addition to a complaint filed with the Economic Offences Wing of Delhi Police. The company had also approached the Singapore International Arbitration Centre seeking to claw back Grover’s restricted shareholding in the company , ET had reported on December 10.

The digital payments firm has sought Rs 88 crore in damages from Grover, his wife and some of their family members for alleged misappropriation of funds and causing reputational harm to the company. Don’t miss out on ET Prime stories! Get your daily dose of business updates on WhatsApp. click here! Friday, 24 Mar, 2023 Experience Your Economic Times Newspaper, The Digital Way! Read Complete Print Edition » Front Page Pure Politics Brands & Companies Disruption More Sebi Set to End Permanent Board Positions Reining in special rights, ASBA-like system for stock trades, and allowing PEs to become MF sponsors are also on agenda.

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