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BharatPe Vs Ashneer Grover: Ex MD apologises for defamatory posts, fined INR 2 lakh
Inc42
·
1y ago
Medial
BharatPe's former managing director, Ashneer Grover, has apologized to the Delhi High Court for his defamatory social media posts against the fintech unicorn. However, he was fined INR 2 Lakh for violating the court's previous orders. The court had previously ordered both parties to refrain from using defamatory language against each other. Grover's posts were brought to the court's attention, and it was noted that he repeatedly violated the court's orders. Currently, there are about 15 ongoing proceedings between BharatPe and Grover.
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Delhi HC slaps ₹2 lakh fine on Bharat Pe's former MD Ashneer Grover
Livemint
·
1y ago
Medial
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.
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BharatPe Vs Ashneer Grover: Ex-MD Seeks RBI Probe Into The Fintech Unicorn’s Shareholding
Inc42
·
1y ago
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.
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Delhi HC Restrains Ashneer Grover From Selling BharatPe Shares Transferred By Bhavik Koladiya
Inc42
·
1y ago
Medial
Former BharatPe MD, Ashneer Grover, has been barred from selling or creating any third-party rights on shares transferred to him by co-founder Bhavik Koladiya. Koladiya alleges that he transferred 1,611 shares (now 16,110 shares) worth INR 88 lakh ($118,234) to Grover, but he never paid him for these shares. Grover denies the allegations and claims that the agreement for the share transfer is forged and fabricated. This dispute adds to the ongoing legal battles involving Grover and his former employer, BharatPe.
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Ashneer Grover Launches Lending Tech Platform ZeroPe
Inc42
·
1y ago
Medial
Ashneer Grover, former MD of BharatPe, has launched another venture called ZeroPe, a lending tech startup that will offer medical loans up to INR 5 lakh to end customers, in partnership with Delhi-based NBFC Mukut Finvest. This comes amid legal battles between Grover and BharatPe, with allegations of financial irregularities. The Indian digital consumer lending market is projected to exceed $720 billion by 2030, presenting a substantial market opportunity. ZeroPe will compete with established players like HDFC Bank and Bajaj Finserve, as well as other startups in the healthcare financing ecosystem.
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Ashneer Grover tweets in Haryanvi after ex-COO Dhruv Bahl exits BharatPe
Twitter
·
1y ago
Medial
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.
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BharatPe Vs Ashneer Grover: A Settlement Or Compromise?
Inc42
·
10m ago
Medial
Fintech unicorn BharatPe has announced the settlement of its long-standing legal dispute with former MD and co-founder Ashneer Grover. As part of the settlement, Grover will no longer have any association or shareholding in the company. The court's view on the matter is still unknown, but sources suggest that if the Grovers appeal to quash the FIR, BharatPe will not object. This settlement has raised questions about the board's decision and the impact on BharatPe's reputation. Concerns remain about the allegations and whether this settlement sets a problematic precedent for founders in similar situations.
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Nearly 20 Indian startup CEOs quit their posts in 2023 so far
Entrackr
·
1y ago
Medial
Around 20 Indian startup CEOs have left their positions within the first eight months of 2023, a noticeable increase compared to previous years. Fintech and edtech sectors have seen significant CEO exits, driven by factors such as financial wrongdoings and company transitions. Companies like BharatPe and DealShare faced both CEO departures and layoffs. The trend started in 2022 when BharatPe and Zilingo saw top level exits including their former CEO & MD Ashneer Grover and CEO Ankiti Bose.
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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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BharatPe Settles With Ashneer Grover, Says Ex-Cofounder Won’t Be Associated With The Firm In Any Capacity
Inc42
·
10m ago
Medial
BharatPe has resolved its legal dispute with Ashneer Grover, resulting in him severing ties with the company and relinquishing his shares. The parties involved have mutually agreed to drop the filed lawsuits. Grover officially resigned from his role as managing director and cofounder of BharatPe on February 28, 2022.
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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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