Ashneer Grover no longer linked to BharatPe?
Ashneer Grover officially exits BharatPe, ending all ties after a decisive legal settlement, including share transfers.
BharatPe has officially ended the long legal fight with former co-founder and managing director Ashneer Grover. In a settlement reached today, both parties have agreed to part ways, with Grover no longer holding any shares or affiliations with the fintech company.
The legal tussle began when BharatPe’s board removed Grover from his position as managing director in March 2022, leading to a series of legal cases between him and the company.
In its official statement, BharatPe said, “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.”
What did the legal dispute involve?
The legal clash between BharatPe and Grover emerged after he was accused of financial mismanagement. Grover and his family were accused of fraudulent practices amounting to ₹81.3 crore. The accusations included improper payments to fake vendors, resulting in the arrest of Grover’s brother-in-law, Deepak Gupta, by the Economic Offences Wing of the Delhi Police.
Impact of the settlement on Ashneer Grover shares in BharatPe
Under the settlement, Ashneer Grover would leave all his association with BharatPe, including his shareholding. According to a source, Grover would be transferring 1.4% of his shares to the BharatPe board, while the remaining 3.5-3.7% will be mandated to a family trust called the Resilient Growth Trust in favor of the company.
The parties have also agreed to withdraw all the pending legal cases.
What was Ashneer Grover’s response?
After the settlement, Grover took to social media platform X-formerly Twitter, and wrote, “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 BharatPe in any capacity, nor be part of the capital table,”
With the settlement in place, BharatPe is free to focus on its growth strategies, and Grover moves ahead, cutting all formal ties to the company he once co-founded.
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