Ashneer Grover settles legal dispute with BharatPe, concludes all company affiliations
PTC News Desk: BharatPe has successfully concluded a long-standing legal dispute with its former co-founder, Ashneer Grover, marking a pivotal moment for both parties after years of contention. The settlement signifies a fresh start for BharatPe, allowing the company to refocus on its operations without the distractions of ongoing litigation.
As part of the settlement agreement, Grover will sever all ties with BharatPe, relinquishing any shareholding in the company. BharatPe issued an official statement confirming that “Mr. Grover will not be associated with BharatPe in any capacity nor be a part of the shareholding of the company.” This move not only resolves past conflicts but also paves the way for both parties to move forward.
In accordance with the terms of the settlement, Grover’s shares will be partially transferred to the Resilient Growth Trust, which will manage them for the benefit of BharatPe. The remainder of his shares will be overseen by his family trust. Additionally, both parties have agreed to dismiss all pending legal cases against each other, signalling a complete resolution of their disputes.
The resolution comes after a tumultuous period marked by serious allegations of financial misconduct directed at Grover and his family during his tenure at BharatPe. These accusations included fraudulent payments made to fictitious HR consultants, inflated vendor payments, and the submission of fabricated invoices. Investigations into these alleged financial irregularities were initiated following Grover’s contentious departure from the company in early 2022.
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The fallout from Grover's exit was further complicated by the dismissal of his wife, Madhuri Jain Grover, who previously served as the Head of Controls at BharatPe. Legal troubles escalated recently with the arrest of Deepak Gupta, the former Head of Procurement at BharatPe's parent company, Resilient Innovation. Gupta, a relative of Grover, is implicated in a substantial Rs 81 crore fraud case, which has triggered multiple arrests and an investigation into BharatPe’s financial practices.
In a statement on the social media platform X, Grover expressed his satisfaction with the resolution, 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.”
He emphasised his commitment to the company’s future growth and success, despite his departure. “I will no longer be associated with BharatPe in any capacity, nor be part of the capital table,” 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.”
This settlement not only marks the end of a challenging chapter for both Grover and BharatPe but also sets the stage for the company to refocus on its strategic goals and future endeavours.
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- With inputs from agencies
