Summons to BharatPe ex-MD after co-founder seeks to reclaim shares

In his petition in the Delhi High Court, Bhavik Koladiya said he had given Ashneer Grover 1,600 shares, which have now risen to over 16,000, but was not paid any money for those

January 19, 2023 01:38 am | Updated 01:38 am IST - New Delhi

Ashneer Grover, former managing director of payment app BharatPe

Ashneer Grover, former managing director of payment app BharatPe | Photo Credit: FILE PHOTO

The Delhi High Court on Wednesday issued summons to Ashneer Grover, ex-managing director of payment app BharatPe, on a suit by the company’s co-founder Bhavik Koladiya seeking to reclaim the shares he had transferred to his former colleague.

In his petition, Mr. Koladiya said he had given Mr. Grover 1,600 of his shares, around ₹88 lakh in value, but he was paid no money. He added that the shares have now risen to over 16,000 and the title need not pass to Mr. Grover.

He also sought to restrain Mr. Grover from creating any third party rights in the shares which are the subject matter of the suit.

Mr. Grover, represented by his counsel, alleged that the documents shown to the court by Mr. Koladiya were false and fabricated, and added that his wife Madhuri Jain Grover had paid ₹8 crore to the latter’s wife for the shares.

Justice Prateek Jalan noted the submission made by the counsel that Mr. Grover will file a reply to the suit and not create any third party rights to the 16,110 shares in question.

“Defendant no. 1 [Mr. Grover] is bound to this statement and is directed to file an undertaking in this regard within a week from today. Reply to the application be filed in four weeks and rejoinder in two weeks thereafter,” the court said, while listing the suit for further hearing on March 16.

Mr. Koladiya and Shashvat Nakrani founded BharatPe in July 2017, although the company was not incorporated till March 2018. Mr. Grover had joined BharatPe in June 2018 and resigned in March 2022.

Last year, the high court had issued summons to Mr. Grover, his wife and others on another suit filed by BharatPe, which accused the couple of misappropriating funds.

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