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

Inc42Inc42 · 1y ago
BharatPe Vs Ashneer Grover: Ex-MD Seeks RBI Probe Into The Fintech Unicorn’s Shareholding
Medial

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's allegations frivolous, attempts to malign us: BharatPe

Business TodayBusiness Today · 1y ago
Ashneer Grover's allegations frivolous, attempts to malign us: BharatPe
Medial

Fintech company BharatPe has dismissed allegations of fraudulent activity made by former co-founder Ashneer Grover. Grover claimed that the company intentionally engaged in fraud by bringing back a convicted individual to its ownership structure in order to secure licences. BharatPe has called the allegations baseless and a means to malign the company, stating that it will continue to pursue legal action against Grover. The company also emphasised its commitment to transparency, governance and building a sustainable business. BharatPe is a joint-venture partner in Unity Small Finance Bank and has received in-principle approval from regulators for its payments aggregator business.

Ashneer Grover, wife urge Delhi HC to quash FIR following settlement with BharatPe

Economic TimesEconomic Times · 10m ago
Ashneer Grover, wife urge Delhi HC to quash FIR following settlement with BharatPe
Medial

- Fintech firm BharatPe and its former co-founder Ashneer Grover have settled their disputes in an alleged Rs 81 crore fraud case. - Grover and his wife, Madhuri Jain Grover, have urged the Delhi High Court to quash the FIR filed against them, citing a settlement agreement. - The court has granted time for the submission of an affidavit in compliance with the settlement agreement and listed the matter for further hearing on October 8. - All disputes between complainant Resilient Innovations Pvt Ltd, BharatPe, and the accused parties have been settled, according to senior advocate Mohit Mathur. - The accused parties seek the quashing of the FIR registered by the Economic Offences Wing of the Delhi Police under multiple provisions of the Indian Penal Code. - BharatPe alleges that Ashneer Grover and his family caused damages through illegitimate payments, inflated transactions, forged invoices, and destruction of evidence.

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