BharatPe cofounder Shashvat Nakrani sues Ashneer Grover over unpaid shares
IANSHINDI
Synopsis
The latest case against Grover comes after BharatPe’s original cofounder Bhavik Koladiya had also sued the former in January this year, to reclaim his shares in Resilient Innovations, the parent entity which runs BharatPe.
By ETtech
Last Updated:
BharatPe cofounder Shashvat Nakrani is the latest party to have filed a lawsuit at the Delhi High Court against former managing director and other cofounder, Ashneer Grover, over ‘unpaid shares’.
Koladiya founded the fintech firm in 2017 with Shashvat Nakrani, his schoolteacher's son. In 2018, they began searching for a chief executive for the company and eventually joined hands with Grover.
Post joining the firm as third cofounder, Grover bought the shares from Koladiya and Nakrani, and was to pay the other cofounders.
In the fresh suit, Nakrani is now demanding his shares back, said a person aware of the discussion.
Mint first reported that Nakrani was looking to sue Grover over his unpaid shares.
Koladiya also had to exit the cap table owing to his past conviction for credit card fraud in the US.
Over the past month, Grover and his wife Madhuri Jain Grover, who was also the former head of controls at the fintech firm, have been slapped with multiple legal suits by the company and its founders.
BharatPe had filed civil and criminal suits in the high court against Grover and the others, in addition to a complaint filed with the Economic Offences Wing of Delhi police. It also approached the Singapore International Arbitration Centre seeking to claw back Grover's restricted shareholding in the company, ET reported on December 10.
During the last hearing in the case against the Grovers and the company on March 13, the Delhi High Court granted more time to the Grovers and their family members to file additional responses to the notices issued on a lawsuit filed by BharatPe.
The digital payments firm has sought Rs 88 crore in damages from Grover, his wife and some of their family members for alleged misappropriation of funds and causing reputational harm to the company.
While, in the latest hearing on the Koladiya versus Grover case, last week, the Delhi High Court granted more time to the defendants to file their responses, and restricted Grover from creating any third-party rights or interest on shares 'transferred' to him by Koladiya.
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The latest case against Grover comes after BharatPe’s original cofounder Bhavik Koladiya had also sued the former in January this year, to reclaim his shares in Resilient Innovations, the parent entity which runs BharatPe. Elevate Your Tech Prowess with High-Value Skill Courses
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Post joining the firm as third cofounder, Grover bought the shares from Koladiya and Nakrani, and was to pay the other cofounders.
In the fresh suit, Nakrani is now demanding his shares back, said a person aware of the discussion.
Mint first reported that Nakrani was looking to sue Grover over his unpaid shares.
ADVERTISEMENT
Koladiya also had to exit the cap table owing to his past conviction for credit card fraud in the US.
Over the past month, Grover and his wife Madhuri Jain Grover, who was also the former head of controls at the fintech firm, have been slapped with multiple legal suits by the company and its founders.
ADVERTISEMENT
BharatPe had filed civil and criminal suits in the high court against Grover and the others, in addition to a complaint filed with the Economic Offences Wing of Delhi police. It also approached the Singapore International Arbitration Centre seeking to claw back Grover's restricted shareholding in the company, ET reported on December 10.
During the last hearing in the case against the Grovers and the company on March 13, the Delhi High Court granted more time to the Grovers and their family members to file additional responses to the notices issued on a lawsuit filed by BharatPe.
ADVERTISEMENT
The digital payments firm has sought Rs 88 crore in damages from Grover, his wife and some of their family members for alleged misappropriation of funds and causing reputational harm to the company.
While, in the latest hearing on the Koladiya versus Grover case, last week, the Delhi High Court granted more time to the defendants to file their responses, and restricted Grover from creating any third-party rights or interest on shares 'transferred' to him by Koladiya.
