BharatPe Settles With Ashneer Grover, Says Ex-Cofounder Won’t Be Associated With The Firm In Any Capacity
by Anne Florentyna · Inc42SUMMARY
- BharatPe has settled its two-year long legal dispute with Ashneer Grover, following which he will not be associated with the company, and give up his shares
- It is confirmed that both the parties have decided not to pursue the cases filed
- Grover resigned from his position as managing director and cofounder of BharatPe, on February 28, 2022
- Added to Saved Stories in Login
BharatPe has settled its two-year long legal dispute with Ashneer Grover, following which the former cofounder will no longer have association with the company, nor hold any shareholding pattern.
“Mr Grover will not be associated with BharatPe in any capacity nor be a part of the shareholding of the company. Certain shares of Mr Grover shall be transferred to the Resilient Growth Trust for the benefit of the company and his remaining shares will be managed by his family trust,” BharatPe said in a statement.
It further added that both the parties have decided not to pursue the cases filed. “We wish Mr Grover well. BharatPe continues to focus on delivering industry leading solutions to its merchants and customers driving growth with profitability.”
“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,” Grover said in a statement.
He added, “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.”
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The case dates back to a complaint filed by BharatPe in May 2023, against the former head Grover, wife Madhuri and family members, including Deepak Gupta, Suresh Jain, and Shwetank Jain.
The case involved Madhuri’s alleged approval of payments amounting to INR 72 Cr to 30 third-party vendors that did not provide any real services or goods to the company.
The Economic Offences Wing (EOW) also uncovered a host of unexplained payments made to allegedly fake HR consultancies by Ashneer and Madhuri during their course of employment at the company.
A month ago, the case developed with its initial arrest of a certain vendor named Amit Kumar Bansal in connection to the fraud, being associated with Grover and family.
Following that, BharatPe’s former managing director Ashneer Grover’s brother-in-law, Deepak Gupta was recently arrested, a week ago.
Grover, who had served as managing director and cofounder of BharatPe, resigned from his position on February 28, 2022.
Updated at 03:46 PM