BharatPe has officially settled its long-standing dispute with former co-founder and managing director Ashneer Grover. In a statement, the fintech company announced that both parties have reached a definitive agreement, which stipulates that Grover will no longer be associated with BharatPe in any capacity and will not hold any shares in the company.
As part of the settlement, certain shares owned by Grover will be transferred to the Resilient Growth Trust for the benefit of BharatPe, while the remaining shares will be managed by his family trust. Additionally, both parties have agreed to withdraw any legal cases filed against each other.
Confirming the agreement, Grover expressed his trust in the management and board of BharatPe, stating, “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.”
The relationship between Grover and BharatPe had soured since February 2022, when he resigned amid allegations against the company’s stakeholders, including co-founders and investors. He claimed his ouster was part of a conspiracy against him.
In December 2022, BharatPe lodged a criminal complaint against Grover and his family, alleging fraud and seeking damages of over Rs 88.67 crore. Co-founders Bhavik Koladiya and Shashvat Nakrani also filed complaints related to share disputes earlier this year. BharatPe sought intervention from the Singapore International Arbitration Center (SICA) to transfer Grover’s restricted shares to co-founder Nakrani for Rs 33.02 lakh.
After nearly five months, the Delhi Police’s Economic Offences Wing (EOW) registered a first information report (FIR) against Grover and his family members, including his wife, Madhuri Jain, in connection with the allegations. Last week, a family member of Grover was arrested in relation to the misappropriation of company funds.
The settlement is a significant milestone given the gravity of the complaints against Grover. In May, BharatPe also resolved its long-standing legal disputes with PhonePe concerning trademark usage.
