BharatPe founder Ashneer Grover's lawyers are all set to invoke an arbitration and will be sending a notice to the company very soon, challenging their decision to conduct a governance review and making claims for an exit, according to sources privy to the development.
"The agreement says you can't go to a civil suit and only file an arbitration. If the company agrees then they will mutually appoint an arbitrator. If not then the plan is to go to the High Court seeking the appointment of an arbitrator," said one of the sources quoted above adding that the lawyers will be sending a notice to BharatPe.
However according to a report in Mint, the lawyers have already filed an emergency arbitration plea in the Singapore International Arbitration Centre (SIAC).
The details of the arbitration clause is mentioned in the Share Purchase Agreement and Share Holding Agreement among other documents, none of which are public.