 "Ashneer Grover's legal battle with BharatPe ends after settlement deal")
Ashneer Grover, co-founder and former managing director of BharatPe, has withdrawn his petition from the National Company Law Tribunal (NCLT) after reaching a settlement with the fintech firm. Grover had initially filed the petition, alleging oppressive conduct and mismanagement by the board. The Delhi bench of the NCLT allowed the withdrawal on October 14, 2024, following the submission of a settlement agreement dated September 30, 2024.
Grover’s legal counsel presented the settlement agreement to the tribunal, seeking to withdraw the petition. The NCLT order noted that since both parties had arrived at a settlement, Grover was permitted to withdraw his petition, and the case was dismissed.
On October 17, Grover also withdrew his plea from the National Company Law Appellate Tribunal (NCLAT), where he had sought an early hearing of the NCLT case.
In his earlier petition, Grover had sought his reinstatement as managing director of BharatPe and a declaration that changes made by the board of Resilient Innovations (which operates as BharatPe) were ‘illegal’. He had also called for an audit of the company by the Ministry of Corporate Affairs and the reinstatement of his wife, Madhuri Jain, whose employment had been terminated by BharatPe’s board.
As part of the settlement, Grover will no longer be associated with BharatPe in any capacity, and his shares will be handled by a family trust, while some shares will be transferred to the Resilient Growth Trust for the company’s benefit.
Grover was removed from his role as managing director in March 2022, sparking a prolonged legal battle between him and the company. This settlement marks the conclusion of their legal disputes, with Grover formally stepping away from any involvement with BharatPe.