Ashneer Grover case: BharatPe, Ashneer Grover end long-drawn courtroom battle: the story so far

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Fintech company BharatPe on Monday said that it had settled the two-year-old legal dispute with cofounder Ashneer Grover.

As part of the settlement, Grover will neither be associated with the company in any capacity nor be a part of its shareholding as part of a settlement agreement signed between them, BharatPe said in a statement.

Part of the shares held by Grover will be transferred to the Resilient Growth Trust for the benefit of the company and remaining shares will be managed by his family trust.

Confirming the development, Grover said in a statement, “I will no longer be associated with BharatPe in any capacity, nor be part of the capital table. My remaining shares will be managed by my Family Trust. Both parties have decided not to pursue the cases filed. I hope BharatPe continues to grow and succeed for the benefit of all its stakeholders.”

Grover was removed from the position of managing director by the company’s board in March 2022. Since then, both parties have been involved in ongoing legal disputes.


A timeline of events since January 2022:

Discover the stories of your interest


January 2022Expletive-ridden audio clip leaks, allegedly featuring Grover and a Kotak Bank employee

Grover goes on ‘voluntary’ leave until March-end

BharatPe board announces independent audit

February

Preliminary investigation report links Grover’s wife Madhuri Jain with financial fraud

BharatPe sacks Jain on charges of misappropriation of funds

Grover’s emergency plea against BharatPe governance review rejected by SIAC

March

Grover resigns from BharatPe

December

BharatPe files criminal suit in Delhi HC against Grover, family members

Fintech unicorn also files criminal complaint against Grovers with EOW of Delhi police

In a third legal action, BharatPe approaches SIAC to claw back Grover’s restricted shareholding

January 2023

BharatPe original cofounder Bhavik Koladiya files suit to regain shares from Grover

March

BharatPe cofounder Shashvat Nakrani sues Ashneer Grover over unpaid shares

Delhi HC refuses Grover’s request to lift injunction restraining him from creating third-party rights on Koladiya’s disputed shares

May

EOW lodges FIR against Grover and family members basis BharatPe’s complaint

June

Delhi HC refuses to stay EOW probe against Grover and his wife Jain

November

EOW, in a status report, states that HR consultancies were established to siphon funds from the fintech unicorn

LoC circular issued against Grover and Jain; couple stopped from flying out at Delhi airport

December

Delhi HC dismisses interim plea by BharatPe cofounder Shashvat Nakrani to stop Grover from selling the shares he had transferred to the latter

January 2024

Chief executive Suhail Sameer steps down, chief financial officer Nalin Negi named interim CEO

February

BharatPe gets fresh notice from the Ministry of Corporate Affairs, seeking details about its working and the proceedings it had initiated against Grover

April

BharatPe elevates Nalin Negi as its chief executive officer

Delhi HC asks Grover not to transfer or create any third-party rights in the shares transferred to him by Koladiya

May

Delhi HC asks Grover and Jain to furnish a security of Rs 80 crore by way of property before travelling to the US

August

Delhi High Court appoints a sole arbitrator to decide the ongoing dispute between BharatPe and Grover

September

Delhi Police EOW arrests Deepak Gupta, brother-in-law of Grover, in connection with the alleged misappropriation of funds

BharatPe and Grover settle all disputes and agree not to pursue the cases



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