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Ashneer Grover Won`t Be Associated With BharatPe In Any Capacity; Company Announces Settlement With Ex Founder
The Fintech company said that as part of the settlement, Grover will not be associated with BharatPe in any capacity nor be a part of the shareholding of the company. Certain shares of Grover shall be transferred to the Resilient Growth Trust for the benefit of the Company and his remaining shares will be managed by his family trust.
New Delhi: Online money transaction platform BharatPe on Monday announced that it has arrived at a definitive agreement with its former co-founder Ashneer Grover.
The Fintech company said that as part of the settlement, Grover will not be associated with BharatPe in any capacity nor be a part of the shareholding of the company. Certain shares of Grover shall be transferred to the Resilient Growth Trust for the benefit of the Company and his remaining shares will be managed by his family trust.
"Both parties have decided not to pursue the cases filed. We wish Mr. Grover well. BharatPe continues to focus on delivering industry leading solutions to its merchants and customers driving growth with profitability," a BharatPe spokesperson said in a statement.
In August, the Delhi High Court referred a dispute between BharatPe, and its former managing director Ashneer Grover to a sole arbitrator.
In its plea filed before the Delhi High Court, the fintech company alleged that Grover disclosed confidential information relating to BharatPe on social media platforms, in violation of the employment agreement.
In an earlier round of litigation, the Delhi High Court imposed a fine of Rs 2 lakh on Grover over blatant violation of earlier orders and assurances made by him to not post on social media defamatory posts against BharatPe.
Ashneer and his wife allegedly committed financial irregularities when they were at the helm of the fintech platform.
BharatPe terminated the services of Madhuri Jain, head of controls, after an internal probe found misappropriation of funds that ran into crores during her tenure.
The fintech platform claimed that Grover, his wife, and their relatives were engaged in extensive misappropriation of company funds and grossly abused company money to fund their lavish lifestyles.
Grover had already moved an arbitration plea with the Singapore International Arbitration Centre pleading that the investigation launched against him was illegal because it violated the shareholder agreement and articles of association.