HC issues summons to Ashneer Grover on BharatPe's co-founder's plea reclaiming shares

The Delhi High Court on Wednesday issued summons to payment app BharatPe's former MD Ashneer Grover as it was hearing a suit filed by BharatPe co-founder Bhavik Koladiya which stated that he had sold to Grover his 1,600 shares whose total value was around Rs 88 lakh but no money was paid to him.

New Delhi:The Delhi High Court Wednesday issued summons to payment app BharatPe's former MD Ashneer Grover on a suit by the company's co-founder seeking to reclaim the shares he transferred to his erstwhile colleague. Justice Prateek Jalan noted Grover's counsel's submission that he will file a reply to the suit and not create any third party rights to the 16,110 shares in question.

Defendant no. 1 (Grover) is bound down to this statement and is directed to file an undertaking in this regard within a week from today. Reply to the application be filed in four weeks and rejoinder in two weeks thereafter, the high court said. It listed the suit for further hearing on March 16. The high court was hearing a suit filed by BharatPe co-founder Bhavik Koladiya which stated that he had sold to Grover his 1,600 shares whose total value was around Rs 88 lakh but no money was paid to him.

He said the shares have now gone up to over 16,000 and the title need not pass to Grover. Koladiya said he was asking for his goods which he had given to be returned. Koladiya, in an application, sought an interim injunction restraining Grover from creating any third-party rights in the shares which are subject matter of the suit.

However, Grover's counsel alleged that the documents shown to the court were false and fabricated and that his wife had paid Rs 8 crore to Koladiya's wife. As the court asked why Koladiya gave away his shares, senior advocate Mukul Rohatgi, appearing for Koladiya, said he is a gullible person. In June last year, Koladiya, who ran the fintech firm's technology and product divisions, had stepped down.

Koladiya and Shashvat Nakrani founded BharatPe in July 2017, although the firm was not incorporated till March 2018. Grover had joined the company in June 2018 and resigned in March 2022. Last year, the court had issued summonses to Ashneer Grover, his wife and other defendants on another suit filed by the fintech firm, BharatPe, which has accused the couple of misappropriating funds. Grover had resigned from the company in while his wife was removed from her post.

In the suit, besides seeking to restrain the defendants from making defamatory statements, the company has also sought direction for payment of over Rs 88.67 crore along with interest towards recovery of alleged misappropriated funds and damages caused to the reputation of the firm. (PTI)