Ashneer Grover, the co-founder and former managing director of BharatPe has now withdrawn his plea from the National Company Law Tribunal (NCLT), in which he had alleged oppressive conduct and mismanagement by the firm’s board, according to an Economic Times report.
This came after Grover reached a settlement with the company on September 30, 2024.
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What happened between Ashneer Grover and BharatPe’s board?
Ashneer Grover was removed from his position of managing director of BharatPe by the company’s board in March 2022, following which, both the parties have been involved in legal disputes.
After the settlement, Grover on October 17, 2024, also withdrew a plea to the National Company Law Appellate Tribunal (NCLAT), where he had sought for an early hearing of the NCLT case, the report read.
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He had sought his reinstatement as managing director of the company and to declare “illegal,” the changes in the company’s management by altering the board of Resilient Innovations Pvt Ltd, which does business as ‘BharatPe.’
Grover even requested the NCLT to order an inspection and audit of the company by the Ministry of Corporate Affairs and revoke the termination of his wife Madhuri Jain by the company’s board.
However, the settlement comes with Grover not being associated with the company in any capacity, nor be a part of its shareholding, the report read.
Therefore, certain shares of Grover will get transferred to the Resilient Growth Trust for the benefit of the company and his remaining shares will be managed by his family trust, according to the report.
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