After a protracted legal dispute, fintech company BharatPe announced on Monday that it has reached a settlement with its former co-founder, Ashneer Grover, who, along with his family members, faced allegations of misappropriating Rs 88.67 crore.
This legal battle had drawn significant attention in the financial world due to the dramatic fallout between the company and its once high-profile co-founder.
As per IANS, in an official statement, BharatPe confirmed that Grover would no longer hold any formal ties with the company.
A spokesperson announced that Ashneer Grover will no longer be involved with BharatPe in any capacity, and his stake in the company will be transferred. They stated that certain shares of Grover will be transferred to the Resilient Growth Trust for the benefit of the company, while his remaining shares will be managed by his family trust.
Additionally, both BharatPe and Grover agreed to withdraw all legal cases filed against one another.
The fintech firm added, “We wish Grover well. BharatPe continues to focus on delivering industry-leading solutions to its merchants and customers driving growth with profitability.”
Following the announcement, Grover took to the social media platform X (formerly Twitter) to share his perspective on the settlement.
Grover posted, “I have reached a decisive settlement with BharatPe. I repose my faith in the management and board, who are doing great work in taking BharatPe forward in the right direction. I continue to remain aligned with the company’s growth and success.”
He further emphasized that he will no longer be part of the company’s capital structure, and his Family Trust will handle his shares.
Grover added, “Both parties have decided not to pursue cases filed. I hope BharatPe continues to grow and succeed for the benefit of all its stakeholders.”
I have reached a decisive settlement with BharatPe. I repose my faith in the management and board, who are doing great work in taking BharatPe forward in the right direction. I continue to remain aligned with the company’s growth and
success. I will no longer be associated with… pic.twitter.com/gB3Pla5qQZ— Ashneer Grover (@Ashneer_Grover) September 30, 2024
Case Background
This settlement marks a significant conclusion to a contentious chapter that began when BharatPe ousted Grover and his wife, Madhuri Jain Grover, following accusations of financial misconduct.
The company had previously filed a 2,800 pages lawsuit seeking damages of Rs 88.67 crore, citing charges of fraud and misappropriation of company funds.
The legal proceedings intensified recently with the arrest of Deepak Gupta, a family member of Grover, by the Economic Offences Wing (EOW) of the Delhi Police.
Gupta faced implications in the financial mismanagement case, and the FIR filed against Ashneer Grover and his family in May 2023 included his name.
Earlier, the EOW arrested another accused, Amit Bansal, in connection with the case.
With this settlement in place, BharatPe is now looking to move forward and focus on its core business growth, while the Grover saga appears to have reached a resolution.
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