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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.

Related News

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.

Ashneer Grover writes to RBI for probe into BharatPe’s shareholding: Report

Business Today

Business Today · 1y ago

Ashneer Grover writes to RBI for probe into BharatPe’s shareholding: Report

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.

BharatPe Vs Ashneer Grover: A Settlement Or Compromise?

Inc42 · 10m ago

BharatPe Vs Ashneer Grover: A Settlement Or Compromise?

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.

Ashneer Grover writes to RBI for probe into BharatPe’s shareholding: Report

Business Today

Business Today · 1y ago

Ashneer Grover writes to RBI for probe into BharatPe’s shareholding: Report

Former BharatPe director, Ashneer Grover, has written to the Reserve Bank of India (RBI), urging an investigation into the shareholding of the Peak XV-backed company. In a letter, Grover alleges that BharatPe deliberately committed fraud by returning Bhavik Koladiya, who was convicted of wire fraud in the US, to the company's cap table after securing licenses. Grover questions whether BharatPe would have been considered fit for a stake in Unity Small Finance Bank or allowed to acquire Liquiloans if Koladiya was part of the cap table during the license application process.

Ashneer Grover urges RBI to probe ex-SBI Chairman Rajnish Kumar, says, 'He was complicit in fraud transactions'

IndianStartupNews

IndianStartupNews · 1y ago

Ashneer Grover urges RBI to probe ex-SBI Chairman Rajnish Kumar, says, 'He was complicit in fraud transactions'

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.

Ashneer Grover Urges RBI To Probe BharatPe Chairman Rajnish Kumar

Inc42 · 1y ago

Ashneer Grover Urges RBI To Probe BharatPe Chairman Rajnish Kumar

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.

BharatPe Vs Ashneer Grover: Ex MD apologises for defamatory posts, fined INR 2 lakh

Inc42 · 1y ago

BharatPe Vs Ashneer Grover: Ex MD apologises for defamatory posts, fined INR 2 lakh

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.

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

Twitter · 1y 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.

BharatPe settles legal dispute with Ashneer Grover, cofounder to cease being a shareholder in fintech startup

Economic Times

Economic Times · 10m ago

BharatPe settles legal dispute with Ashneer Grover, cofounder to cease being a shareholder in fintech startup

BharatPe, a fintech firm based in New Delhi, has settled its long-standing legal dispute with cofounder Ashneer Grover. According to the settlement, Grover will no longer be associated with BharatPe or have any shareholding in the company. His shares will be transferred to a family trust, with some going to the Resilient Growth Trust and the rest managed by his family trust. The legal battle began in 2022 with allegations of misappropriation of funds. Both parties have agreed to drop the cases, and BharatPe is now focused on delivering solutions to its customers and driving growth.

Economic Offences Wing registers FIR against BharatPe ex-boss Grover

Livemint

Livemint · 1y ago

Economic Offences Wing registers FIR against BharatPe ex-boss Grover

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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