MUMBAI: Fintech agency BharatPe and its co-founder Ashneer Grover have arrived at a settlement, ending an over two-year dispute that reached the courtroom and triggered a collection of public spats between the 2 events.
As a part of the settlement, Grover won’t be related to BharatPe in any capability and won’t maintain any shares of the corporate. Both the events have additionally determined to not pursue any of the circumstances filed, they stated in separate statements on Monday.The startup had been embroiled in a authorized tiff with Grover over alleged misappropriation of the corporate’s funds by him and relations and over time that they had been engaged in six authorized circumstances.
The settlement comes days of arrest of Deepak Gupta, Grover’s brother-in-law and former procurement head at BharatPe, within the case of alleged misappropriation of the funds. Coincidentally, Gupta obtained bail on Monday, sources stated. Grover additionally wrote a letter to the Special Commissioner of Delhi Police on Monday informing in regards to the settlement.
“We have resolved all our disputes comprehensively under the settlement agreement dated Sept 30, 2024,” the outspoken startup founder stated within the letter, a replica of which has been reviewed by TOI. Gupta’s arrest on Sept 19 was the second within the case by the Economic Offences Wing of Delhi Police after that of Amit Bansal who had been speaking with Gupta and Grover’s spouse Madhuri for creating pretend distributors and sending dummy invoices.
Some of Grover’s shares might be transferred to a belief affiliated with BharatPe (Resilient Growth Trust) for the good thing about the corporate, whereas his remaining shares might be managed by Grover’s household belief. In March 2023, Grover held about 8.4% within the firm and different co-founders Bhavik Koladiya and Shashvat Nakrani had 2.3% and 4.8%, respectively, in line with information sourced from market analysis agency Tracxn. Grover’s household belief might be for his kids and will probably be managed by a mutually agreed particular person, sources stated. MZM Legal and Trilegal are the authorized representatives of BharatPe.
