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Ashneer Grover seeks reinstatement as BharatPe's MD, approaches NCLT

Money Control

Money Control · 1y ago

Ashneer Grover seeks reinstatement as BharatPe's MD, approaches NCLT

Ashneer Grover has approached National Company Law Tribunal (NCLT) seeking his reinstatement as the Managing Director of BharatPe. Grover has claimed that he was ousted from BharatPe in an "arbitrary manner in excess exercise of powers in order clawback his restrictive shares illegally". BharatPe had removed Grover from all positions in the company last year for alleged misappropriation of funds.

Related News

Ashneer seeks waiver of shareholding rule in case against BharatPe

Inshorts · 1y ago

Ashneer seeks waiver of shareholding rule in case against BharatPe

BharatPe's ex-MD Ashneer Grover has asked NCLT to waive a shareholding requirement under the Companies Act to pursue a case of oppression and mismanagement against the startup. A shareholder is required to hold at least 10% of the issued share capital of the company to file such a case. Grover has accused BharatPe's majority shareholders of oppressing the minority shareholders.

Touché: Ashneer Grover as Mamaearth shares surge 20%

Twitter · 1y ago

Touché: Ashneer Grover as Mamaearth shares surge 20%

BharatPe's former MD Ashneer Grover took to X to share a graph showing the surge of Mamaearth parent Honasa Consumer's shares and wrote, "Touché!" Honasa Consumer's shares surged 20% and hit the upper circuit at ₹423.75, as the company's Q2 profit nearly doubled to nearly ₹30 crore. In a now-deleted tweet, Ashneer claimed he applied for Mamaearth IPO.

Ashneer Grover tweets in Haryanvi after ex-COO Dhruv Bahl exits BharatPe

Twitter · 2y ago

Ashneer Grover tweets in Haryanvi after ex-COO Dhruv Bahl exits BharatPe

After the departure of BharatPe's former COO Dhruv Dhanraj Bahl, who was recently appointed as the chief business officer for the merchant lending division, the startup's former MD Ashneer Grover posted a tweet in Haryanvi. In the tweet, Ashneer commented, "Tau, you simply can't get the job done." BharatPe has witnessed a series of significant departures in recent times, including the exit of CTO Vijay Aggarwal.

Ashneer alleges 'wild-goose chase' by Delhi Police in BharatPe case: Report

Money Control

Money Control · 1y ago

Ashneer alleges 'wild-goose chase' by Delhi Police in BharatPe case: Report

BharatPe ex-MD Ashneer Grover has urged Delhi Police's Economic Offences Wing (EOW) to stop its "wild-goose chase" against him, Moneycontrol reported citing his letter to EOW officials. Ashneer said EOW's investigation on BharatPe's complaint could be "one-sided" and "non-compliant" with due procedures. He wrote the letters after EOW declined to remove a lookout circular against him and his wife.

Ashneer Grover Knocks On NCLT Door, Seeks Exemptions In Plea Against BharatPe

Inc42 · 1y ago

Ashneer Grover Knocks On NCLT Door, Seeks Exemptions In Plea Against BharatPe

Ashneer Grover, the former managing director of BharatPe, has filed a plea before the National Company Law Tribunal (NCLT) seeking waiver for a previous petition that alleged mismanagement at the company. The NCLT has issued a notice and sought a reply from BharatPe and other respondents involved. This comes after Grover filed a petition in December 2023 against the board of Resilient Innovations, BharatPe's parent company, citing oppressive conduct and mismanagement. The matter is listed for the next hearing in April.

Delhi HC slaps ₹2 lakh fine on Bharat Pe's former MD Ashneer Grover

Livemint

Livemint · 1y ago

Delhi HC slaps ₹2 lakh fine on Bharat Pe's former MD Ashneer Grover

Former MD and co-founder of Bharat Pe, Ashneer Grover, has been fined ₹2 lakh by the Delhi High Court for sharing inappropriate posts about Bharat Pe, despite prior assurance not to do so. The court dismissed Bharat Pe's plea to prohibit Grover from posting defamatory content, considering his commitment to refrain from such behavior in the future and his apology for previous actions. This comes after Resilient Innovations, BharatPe's parent company, filed a case alleging that Grover disclosed confidential information about the company.

Delhi HC dismisses plea against Ashneer Grover on Nakrani share sale

Economic Times

Economic Times · 1y ago

Delhi HC dismisses plea against Ashneer Grover on Nakrani share sale

The Delhi High Court has dismissed an interim plea by BharatPe co-founder, Shashvat Nakrani, to stop the former managing director, Ashneer Grover, from selling the shares transferred to him by Nakrani. However, the court has ordered Grover to inform Nakrani if and when he plans to sell those shares. This case revolves around Nakrani's attempt to retrieve his shares from Grover, and it is part of a broader legal dispute involving the two co-founders. Grover has also sought a reversal of BharatPe's decision to terminate him and his wife through the National Company Law Tribunal (NCLT).

Ashneer's lawyer apologises in court for his post revealing BharatPe's funding info

Money Control

Money Control · 1y ago

Ashneer's lawyer apologises in court for his post revealing BharatPe's funding info

BharatPe's ex-MD Ashneer Grover's lawyer apologised on behalf of his client in court for a post revealing BharatPe's confidential funding details, Moneycontrol reported. The lawyer also gave an undertaking that Ashneer will not do such a thing in the future. Ashneer had shared the now-deleted post on X after he and his wife were stopped from flying to New York.

BharatPe Vs Ashneer Grover: Ex-MD Seeks RBI Probe Into The Fintech Unicorn’s Shareholding

Inc42 · 1y ago

BharatPe Vs Ashneer Grover: Ex-MD Seeks RBI Probe Into The Fintech Unicorn’s Shareholding

Former BharatPe MD and co-founder, Ashneer Grover, has written a letter to the Reserve Bank of India (RBI) requesting an investigation into the shareholding of the fintech unicorn. Grover has accused BharatPe of deliberately "defrauding" the RBI by bringing back Bhavik Koladiya to the company's cap table after securing licences. Grover has demanded that all of BharatPe's licenses be revoked if the company is found guilty, and he also calls for penalties and blacklisting of the venture firms associated with the startup. Additionally, Grover alleges that BharatPe co-founder Shashvat Nakrani transferred shares to Koladiya for free. BharatPe has raised over $650 million in funding from investors such as Peak XV Partners, Ribbit Capital, and Steadview Capital.

Ashneer Grover writes to RBI seeking probe into BharatPe’s shareholding, licence applications

Economic Times

Economic Times · 1y ago

Ashneer Grover writes to RBI seeking probe into BharatPe’s shareholding, licence applications

Ashneer Grover, former MD of BharatPe, has written to the Reserve Bank of India (RBI), requesting an investigation into the shareholding of the Peak XV-backed company. Grover alleges that BharatPe knowingly "defrauded" the RBI by bringing back Bhavik Koladiya, previously convicted of wire fraud in the US, to the company's cap table after securing licenses. Grover questions if Koladiya's presence during the license application would have affected BharatPe's eligibility for a stake in Unity Small Finance Bank or acquiring Liquiloans. He demands revocation of licenses, banning of directors, blacklisting of associated venture firms, and monetary penalties if found guilty.

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