SUMMARY
- Ashneer Grover withdraws his NCLT petition against BharatPe following a settlement.
- Grover’s allegations included oppressive conduct by the board and sought reinstatement as managing director.
- Under the settlement, Grover will no longer be associated with BharatPe, and his shares will be handled by a family trust.
Ashneer Grover, the co-founder and former managing director of BharatPe, has officially ended his legal battle with the fintech firm by withdrawing his petition from the National Company Law Tribunal (NCLT). This move follows a settlement agreement reached between Grover and BharatPe, which was submitted to the tribunal on October 14, 2024.
Grover had initially filed the petition against BharatPe, alleging oppressive conduct and mismanagement by the company’s board. The Delhi bench of the NCLT allowed Grover to withdraw his petition after reviewing the settlement agreement dated September 30, 2024. The tribunal noted that since both parties had come to an agreement, Grover’s request to withdraw was granted, and the case was subsequently dismissed.
In addition to withdrawing his petition from the NCLT, Grover also retracted his plea from the National Company Law Appellate Tribunal (NCLAT), where he had sought an expedited hearing regarding the NCLT case.
In his original petition, Grover sought reinstatement as managing director of BharatPe and challenged the legality of changes made by the board of Resilient Innovations, which operates as BharatPe. He also called for an audit of the company by the Ministry of Corporate Affairs and sought the reinstatement of his wife, Madhuri Jain, who had been terminated by the board.
As part of the settlement, Grover will sever all ties with BharatPe, and his shares will be managed by a family trust, with some shares being transferred to the Resilient Growth Trust for the benefit of the company. Grover was removed from his role as managing director in March 2022, leading to an extended legal confrontation between him and BharatPe. This settlement signifies the conclusion of their disputes, with Grover formally stepping away from any involvement with the company.
