BharatPe co-founder Shashvat Nakrani to sue Ashneer Grover over unpaid shares: Report

Co-founder of BharatPe, Shashvat Nakrani, is set to sue the startup’s other co-founder and former managing director, Ashneer Grover, over “unpaid shares", according to a report in Mint.

The report said that Nakrani, who is still with BharatPe, is to sue Grover for not paying for the BharatPe shares he had purchased from him. This comes just a month after Bhavik Koladiya, another co-founder of BharatPe, who is no longer with the company, sued Grover to reclaim his shares. 

In March 2018, BharatPe was founded by Nakrani and Koladiya, with each owning 50% in the firm. Grover joined the firm as the third co-founder and board member in July 2018 and purchased 3,192 shares—2,447 shares from Nakrani and 745 from Koladiya—for ₹10 apiece.

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After the share transfer, the shareholding pattern of BharatPe changed—Koladiya had 42.5%, Grover 31.9%, and Nakrani 25.5%. As part of the transaction, Grover was to pay ₹24,470 to Nakrani and ₹7,450 to Koladiya.

“In a lawsuit, Nakrani claims that Grover has not yet paid for the shares and, therefore, he is demanding his shares back," the report quoted a person with knowledge of the matter. “After the stock split, the 2,447 shares are now 24,470 shares with each share valued at about ₹4 lakh," he added.

In the past five months, Grover has been the subject of five lawsuits.