Don’t make third-party rights on shares transferred by Bhavik Koladiya, HC tells Ashneer Grover
BCCL
Synopsis
Koladiya had moved the HC claiming that he had transferred these shares to Grover, but the latter did not pay him. Last year, the court noted Grover’s statement that he “will not create any third-party interest in the suit shares and in any rights that accrue to him as a consequence thereof”.
By ET Bureau
New Delhi: The Delhi High Court, in an interim order on Tuesday, restrained BharatPe’s former managing director Ashneer Grover from making any third-party rights or interest on the 16,110 shares transferred to him by Bhavik Koladiya, a cofounder of the fintech firm.
Koladiya had moved the HC claiming that he had transferred these shares to Grover, but the latter did not pay him. Last year, the court noted Grover’s statement that he “will not create any third-party interest in the suit shares and in any rights that accrue to him as a consequence thereof”.
In December, the HC, in a similar case, refused to stop Grover from selling the shares he had purchased from Shasvat Nakrani, another co-founder of the company. Koladiya and Nakrani had founded the fintech company in 2017.
Koladiya had to exit the company due to his past conviction for credit card fraud in the US. As Koladiya resigned, he transferred his shares to Grover, Shashvat, Mansukhbhai Nakrani, and some others. Grover, who is accused of financial irregularities at BharatPe, resigned from his posts of managing director and director on the company's board in 2022.
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Justice Prateek Jalan said its order would remain in place till it decided the main suit against Grover.Koladiya had moved the HC claiming that he had transferred these shares to Grover, but the latter did not pay him. Last year, the court noted Grover’s statement that he “will not create any third-party interest in the suit shares and in any rights that accrue to him as a consequence thereof”.
In December, the HC, in a similar case, refused to stop Grover from selling the shares he had purchased from Shasvat Nakrani, another co-founder of the company. Koladiya and Nakrani had founded the fintech company in 2017.
Koladiya had to exit the company due to his past conviction for credit card fraud in the US. As Koladiya resigned, he transferred his shares to Grover, Shashvat, Mansukhbhai Nakrani, and some others. Grover, who is accused of financial irregularities at BharatPe, resigned from his posts of managing director and director on the company's board in 2022.
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