Ashneer Grover co-founder of BharatPe has withdrawn his petition from the National Company Law Tribunal (NCLT). In this, he had accused the board of the fintech firm of oppressive conduct and mismanagement.
Ashneer Grover has withdrawn the petition from the Delhi bench of NCLT after settling with the company on September 30, 2024. The lawyer appearing for Grover also placed a copy of the settlement agreement before the NCLT.
Apart from this, on October 17, Grover also withdrew his petition from the National Company Law Appellate Tribunal (NCLT), where he had sought an early hearing of the case in NCLT.
Ashneer Grover had made 3 big demands from NCLT
- Grover had demanded his reinstatement as the MD of the company and changes in the board of the company.
- He also demanded the Ministry of Corporate Affairs to order an inspection and audit of the company.
- He also requested the board of BharatPe to cancel the dismissal of his wife Madhuri Jain.
Ashneer Grover will not be a part of the company’s shareholding
As per the settlement, Ashneer Grover will neither be associated with the company in any capacity nor will he be a part of its shareholding.
In March 2022, the company’s board removed Grover from the post of BharatPe’s managing director. Since then, both the parties have been embroiled in legal disputes.
Following the settlement, some of Grover’s shares will be transferred to the Resilient Growth Trust for the benefit of the company and his remaining shares will be managed by his family trust.
Co-founder Grover has been in controversies since 2022
Bharat Pay co-founder Ashneer Grover has been in controversies since 2022. The main reason behind this was an audio of Ashneer that went viral. In this, he was heard speaking abusive language to an employee of Kotak Mahindra Bank. Apart from this, he was also accused of behaving against the company’s rules.
On receiving a complaint against Ashneer and his wife, the company decided to conduct an investigation. In this investigation, his wife Madhuri Jain Grover was found to be involved in money manipulation. She was accused of using the company’s money for personal beauty treatment, purchasing electronic products and family vacations to America and Dubai.
Payments were also made to personal staff from the company account and fake receipts were made by acquaintances and presented. After this, he was dismissed from the company. Then Grover appealed to the Singapore International Arbitration Center (SIC) against the decisions of his own company. Here too he had to face defeat. After this, in March 2022, Ashneer had to leave the company in India.
