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Delhi HC Summons Former BharatPe MD

Justice Sachin Datta, who was hearing the plea, has listed the matter for further consideration on March 28

The court also issued notice on Nakrani’s plea that sought to file some documents in a sealed cover

Nakrani claims that Grover didn’t pay for the BharatPe shares he bought from him and is now seeking the return of those shares

Fintech startup BharatPe’s former managing director has been summoned by Delhi High Court in connection with a suit filed by fellow cofounder Shashvat Nakrani to claw back his shares. 

Justice Sachin Datta, who was hearing the plea, listed the matter for further consideration on March 28. The court also issued notice on Nakrani’s plea that sought to file some documents in a sealed cover.

Arguing for Nakrani, advocate Neeraj Kishan Kaul said that the Court, in a similar case filed by third cofounder Bhavik Koladiya, issued summons to Grover and barred the ex-MD from creating any third-party rights over the shares.

Seeking an interim order in the matter, Kaul said that it was Grover’s stand that he had paid for the shares in cash. As the proceedings panned out, the court noted that the case was filed five years after the shares, in question, were transferred.

Afterwards, Justice Datta asked advocate Giriraj Subramanium, representing Grover, if he was slated to make a statement that no third-party rights would be created over the shares. Retorting, Subramanium said that he was not delegated to make such a statement.

This comes a day after Shashvat Nakrani moved moved the court against Grover seeking to take back his shares.

A Truel Of Sorts

With this, the BharatPe saga has taken yet another twist as ex-MD Ashneer Grover now appears to be a party to at least three separate cases filed by BharatPe and two cofounders – Nakrani and Koladiya. 

While the case filed by BharatPe related to the misappropriation of funds and forgery, Bhavik Koladiya’s case involves clawing back shares.

As per media reports, Grover purchased 3,192 shares (2,447 shares from Nakrani and 745 from Koladiya) from fellow cofounders when he joined the fintech major in 2018. Subsequently, the trio struck a deal under which Grover was required to pay INR 24,470 to Nakrani and INR 7,450 to Koladiya. 

However, Nakrani, in his plea, has claimed that Grover failed to pay the amount and hence ought to return the shares in contention. According to the plea seen by Livemint, Nakrani has claimed that the erstwhile 2,447 shares now amount to 24,470 shares, post the stock split, each valued at nearly INR 4 Lakh.

This is not the first time that both Nakrani and Grover have sparred in public. A few months back, Grover filed a perjury plea against Nakrani in the ongoing legal battle with BharatPe. 

Previously, the beleaguered MD had also alleged that Nakrani previously told him that the latter wanted to skip office for a year to complete his degree at IIT and even sought help to not stop the salary during the intervening period. 

On the other hand, the Grover couple continues to be the subject of multiple litigations, including an INR 89 Cr defamation case over allegations of misappropriation of funds. The saga has so far seen the ouster of the head of control Madhuri Jain Grover and subsequently the resignation of Ashneer Grover. 

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