BharatPe and Ashneer Grover end long-running feud, settle legal cases
As part of the agreement, Grover will no longer be associated with BharatPe in any capacity, including as a shareholder, BharatPe said in a statement.
Fintech company has resolved its long-standing dispute with former co-founder and managing director Ashneer Grover.
In a statement, BharatPe said Grover will no longer be associated with the company in any capacity, including as a shareholder. His shares will be divided, with a portion being transferred to the Resilient Growth Trust for the company's benefit, while the rest will be managed by his family trust, as per the statement.
"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. I continue to remain aligned with the company's growth and success. I will no longer be associated with BharatPe in any capacity, nor be part of the capital table," said Grover told YourStory.
"My remaining shares will be managed by my family trust. Both parties have decided not to pursue cases filed. I hope BharatPe continues to grow and succeed for the benefit of all its stakeholders," he added.
The legal battle between Grover and BharatPe began in early 2022, following allegations of financial misconduct against Grover, which he denied. The fallout led to his ousting from the company, and subsequent legal actions from both sides followed, including defamation suits and accusations of misappropriation of funds.
In September, the Economic Offences Wing (EOW) of the Delhi Police arrested Deepak Gupta, a relative of former Grover, in connection with an alleged Rs 81 crore fraud involving the fintech company.
Gupta, the husband of Grover's sister in law, was taken into custody on September 19 and held at Mandir Marg Police Station in Delhi. He was subsequently presented in court where the police sought his remand.
This arrest follows a criminal complaint filed by BharatPe in December 2022, which named Ashneer Grover, his wife Madhuri Grover, and other family members, including Deepak Gupta, Suresh Jain (Ashneer’s father-in-law), and Shwetank Jain (Madhuri’s brother), as part of a larger investigation into fund misappropriation at BharatPe.
In August this year, the EOW arrested Amit Bansal, a key vendor allegedly linked to the fraudulent scheme, which involved the use of fake vendors. According to the police, 33 non-existent vendors were identified as part of the fraudulent transactions, implicating Grover’s family in the diversion of company funds.
Edited by Megha Reddy