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Ashneer Grover withdraws oppression and mismanagement plea against BharatPe management
Economic Times
·
9m ago
Medial
Ashneer Grover, former managing director and co-founder of BharatPe, has withdrawn his petition from the National Company Law Tribunal (NCLT) in which he alleged oppressive conduct and mismanagement by the company's board. Grover reached a settlement with BharatPe on September 30, 2024, and the withdrawal of the petition followed. The settlement agreement was placed before the NCLT, and Grover's request to withdraw the petition was granted. Additionally, Grover withdrew a plea from the National Company Law Appellate Tribunal (NCLAT), where he had sought an early hearing of the case. The settlement terms include Grover not being associated with BharatPe and his shares being transferred to different trusts.
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Ashneer Grover Knocks On NCLT Door, Seeks Exemptions In Plea Against BharatPe
Inc42
·
1y ago
Medial
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.
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Ashneer seeks waiver of shareholding rule in case against BharatPe
Inshorts
·
1y ago
Medial
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.
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‘I’ll be last man standing', says Ashneer Grover amid EOW probe in BharatPe case
Livemint
·
1y ago
Medial
Ashneer Grover, co-founder of BharatPe, has posted on social media that he will be "the last man standing" amidst the ongoing probe into allegations of fund misappropriation. The Economic Offences Wing (EOW) has stated that the investigation is still in its initial stages and that replies from various authorities are yet to be received. However, the EOW has strongly opposed Grover's plea to dismiss the case, citing the gravity of the offense and ongoing investigation. The case was filed by BharatPe against Grover and his family members last year.
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Delhi HC Disposes BharatPe Cofounder Shashvat Nakrani’s Plea Against Ashneer Grover
Inc42
·
1y ago
Medial
The Delhi High Court has dismissed a plea by BharatPe cofounder Shashvat Nakrani seeking to restrain former managing director Ashneer Grover from selling or alienating shares that Nakrani had sold to him. The court ordered an expedited trial of Nakrani's case and appointed a local commissioner to record evidence, with completion expected in eight weeks. Nakrani had appealed against a previous order rejecting the interim application. BharatPe was founded by Nakrani and Bhavik Koladiya in 2018, with Grover joining as a third co-founder and purchasing shares from Nakrani in 2018.
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Ashneer Grover Urges RBI To Probe BharatPe Chairman Rajnish Kumar
Inc42
·
1y ago
Medial
Former managing director of BharatPe, Ashneer Grover, has written a letter to the Reserve Bank of India (RBI), calling for an investigation into chairman Rajnish Kumar. Grover alleges that Kumar acquired significant equity shares worth hundreds of crores since joining the board and increased his salary to INR 1.5 crore per year. Grover also accused the board, investors, and management of fraud and lying to the RBI about the ownership of the company's shares. BharatPe denies the allegations and has stated their intention to take legal action against Grover.
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Ashneer Grover writes to RBI for probe into BharatPe’s shareholding: Report
Business Today
·
1y ago
Medial
Ashneer Grover, former director of BharatPe, has asked the Reserve Bank of India (RBI) to investigate the shareholding of the company. Grover alleges that BharatPe fraudulently brought back Bhavik Koladiya, a convicted fraudster, to the company's cap table after obtaining licenses from the RBI. Grover questions whether BharatPe would have been approved for a stake in Unity Small Finance Bank or allowed to acquire Liquiloans had Koladiya been part of the company's cap table during the license application. BharatPe has filed lawsuits and criminal complaints against Grover and his family.
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Delhi HC Appoints Arbitrator For Ashneer Grover-BharatPe Dispute
Inc42
·
11m ago
Medial
A dispute has arisen between BharatPe and its ex-employee, Ashneer Grover, over allegations of confidentiality breach. The Delhi High Court has appointed an arbitrator to handle the case, with proceedings to be conducted under the rules of the Delhi International Arbitration Centre. BharatPe had sought an injunction against Grover for sharing confidential information related to the company.
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Economic Offences Wing registers FIR against BharatPe ex-boss Grover
Livemint
·
1y ago
Medial
The Economic Offences Wing (EOW) of Delhi Police has registered a first information report (FIR) against Ashneer Grover, the former managing director of BharatPe, and his family members. The FIR includes charges such as criminal breach of trust, cheating, forgery, and criminal conspiracy. This comes in response to a criminal complaint filed by BharatPe accusing Grover and his family of committing a ₹81.28 crore fraud. BharatPe alleges financial discrepancies, irregularities in recruitment, and hiring of third-party vendors. Grover has been the subject of multiple lawsuits, including one filed by BharatPe seeking damages.
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Ashneer Grover urges RBI to probe ex-SBI Chairman Rajnish Kumar, says, 'He was complicit in fraud transactions'
IndianStartupNews
·
1y ago
Medial
Former BharatPe managing director Ashneer Grover has accused ex-SBI Chairman Rajnish Kumar, currently BharatPe's board chairman, of allocating equity shares worth hundreds of crores to himself. Grover alleges that this is part of a larger issue involving fraudulent transactions and misrepresentations to the Reserve Bank of India (RBI). He has called for an investigation into the matter. BharatPe has dismissed the claims as baseless and is pursuing legal action against Grover. The Ministry of Corporate Affairs and other authorities are already investigating BharatPe.
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Ashneer Grover's allegations frivolous, attempts to malign us: BharatPe
Business Today
·
1y ago
Medial
Fintech company BharatPe has responded to allegations made by former co-founder Ashneer Grover, calling them baseless and an attempt to tarnish the company's reputation. In a letter to the Reserve Bank of India, Grover claimed that BharatPe engaged in fraudulent activities by including a convicted fraudster in its ownership structure during the license application process. BharatPe maintains that it has a strong board and prioritizes governance and transparency. The company intends to pursue legal action against Grover. BharatPe is a joint-venture partner in Unity Small Finance Bank and has received in-principle approval for its payments aggregator business.
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