 "Ashneer Grover and BharatPe settled legal disputes, following arrests related to significant fund misappropriation, severing all ties.")
BharatPe’s former co-founder Ashneer Grover and the company have settled a long-standing legal dispute following recent arrests linked to financial misappropriation at the fintech firm. As part of the settlement, Grover will no longer have any involvement with BharatPe and will transfer certain shares to the Resilient Growth Trust. Previously, allegations arose when co-founder Bhavik Koladiya claimed he had transferred shares to Grover without receiving payment. The dispute escalated to legal action, including a criminal case against Grover and his family for alleged fraud involving significant misappropriation of funds. Grover has expressed confidence in BharatPe’s management as they move forward after this resolution.
BharatPe Settles Legal Dispute with Co-Founder Ashneer Grover
In a recent development, BharatPe, the rapidly growing fintech firm, has successfully settled its long-standing legal disputes with its former co-founder, Ashneer Grover. This resolution comes shortly after the Delhi Police’s Economic Offences Wing arrested Grover’s brother-in-law over allegations of misappropriating funds linked to the company.
Under the terms of the settlement, Grover will no longer be associated with BharatPe in any role nor hold any shares in the company. BharatPe announced that a portion of Grover’s shares would be transferred to the Resilient Growth Trust for the company’s benefit, while the remaining shares will be overseen by his family trust. Both parties have also opted to drop any ongoing legal cases against each other.
Grover expressed his satisfaction with the agreement, stating on X (formerly Twitter), “I have reached a decisive settlement with BharatPe. I repose my faith in the management and board, who are doing great work in taking BharatPe forward in the right direction.”
This legal tussle began when BharatPe co-founder Bhavik Koladiya accused Grover in January 2023 of not paying for 1,611 shares valued at approximately Rs 88 lakh. The allegations escalated into a court case, which was compounded by a separate criminal complaint regarding the misappropriation of about Rs 81 crore in improper payments to non-existent consultants and fraudulent transactions.
The recent arrest of Deepak Gupta, a family member of Grover, on September 20 for his involvement in these allegations further underscored the seriousness of the situation. With this settlement in place, both BharatPe and Grover look to move forward, focusing on their respective paths.
Tags: BharatPe, Ashneer Grover, legal dispute, fintech, co-founder, settlement, economic offences, funds misappropriation.
What was the dispute between BharatPe and Ashneer Grover?
The dispute was about Ashneer Grover’s exit from BharatPe and some disagreements related to his handling of company matters during his time there.
How did BharatPe settle the dispute with Ashneer Grover?
BharatPe and Ashneer Grover reached an agreement that resolved their differences and allowed both parties to move forward without further conflict.
What does this settlement mean for BharatPe?
The settlement helps BharatPe to focus on its growth and operations without the distraction of ongoing legal issues or disputes.
Will Ashneer Grover return to BharatPe after the settlement?
No, Ashneer Grover will not return to BharatPe as part of this settlement; both parties have agreed to part ways.
How might this impact BharatPe’s future?
With the dispute resolved, BharatPe can concentrate on its business goals and may gain more stability and investor confidence.
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