Delhi HC refuses to grant interim order against Ashneer Grover in Shashvat Nakrani's plea

Ashneer Grover gets relief from Delhi HC

The Delhi High Court on December 15 refused to grant an interim order restraining BharaPe' co-founder and former managing director Ashneer Grover from alienating the shares he purchased from Sashvat Nakrani.

The court, however, asked Grover to intimate Nakrani if he decide to sell the shares.

The order was passed in a suit filed by Nakrani contending that Grover had not paid him for the shares he had sold to him and demanding the return of these shares.

Nakrani and Koladiya founded BharatPe in March 2018, with each owning a 50 percent stake in the firm. Grover joined as a third co-founder and board member in the July of the same year, and purchased 3,192 shares —2,447 shares from Nakrani and 745 from Koladiya— for Rs 10 apiece, the report said.

After the share transfer, the shareholding pattern of BharatPe changed to Koladiya owning 42.5 percent, Grover 31.9 percent and Nakrani 25.5 percent. As part of the transaction, Grover was to pay Rs 24,470 to Nakrani and Rs 7,450 to Koladiya.  Koladiya has also filed a suit against Grover in Delhi High Court.

In December 2022, the fintech had sought up to Rs 88 crore in damages from Grover's wife Madhuri Jain and other family members. It alleged that the Grover family created fake bills, enlisted fictitious vendors to provide services to the company and overcharged for recruitment.

The company filed a criminal complaint against Grover and his family members with the Economic Offences Wing (EOW) on 17 counts, including criminal breach of trust, forgery, document fabrication, and embezzlement.

In February 2022, Grover's wife Madhuri Jain Grover had been terminated as the head of controls on allegations of funds misappropriation and days after this on March 1, Grover himself resigned as MD and director of the startup company.

Grover's NCLT plea:

In November 2023, Grover filed a plea in the National Company Law Tribunal (NCLT) Delhi alleging oppression and mismanagement, which is to come up for hearing in January 2024.

According to the plea, reviewed by Moneycontrol, Grover alleges that he was ousted from the company in an 'arbitrary manner in excess exercise of powers in order clawback his restrictive shares illegally and without complying with law.'

Grover alleges in the plea that the arbitrary conduct of the board of directors of the company are demonstrated by them sending him on leave last year over a 'fabricated issue that had nothing with the company. The plea also states that the oppression and mismanagement of the company is evident from the exit of various key members from the company including its founder and Chief Executive Officer (CEO). According to the plea, the actions of the company through its board of directors have cause huge losses to the company.