Ashneer Grover BharatPe Settlement: Digital Payment Company Settles INR 88 Crore Fund Misappropriation Case With Former Co-Founder
After a long-standing and dramatic courtroom battle, BharatPe on Monday said it has arrived at an agreement with its former co-founder Ashneer Grover, who was charged, along with his family members, by the fintech company for alleged misappropriation of funds worth Rs 88.67 crore.
New Delhi, September 30: After a long-standing and dramatic courtroom battle, BharatPe on Monday said it has arrived at an agreement with its former co-founder Ashneer Grover, who was charged, along with his family members, by the fintech company for alleged misappropriation of funds worth Rs 88.67 crore. In a statement to IANS, the 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,” said a company spokesperson. BharatPe further added that both parties have decided not to pursue the cases filed. “We wish Grover well. BharatPe continues to focus on delivering industry-leading solutions to its merchants and customers driving growth with profitability,” the company added. Delhi High Court Issues Restraining Order Against Ashneer Grover From Creating Third-Party Rights in BharatPe Shares.
In a post on X social media platform, Ashneer said he has “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,” said Ashneer. “I will no longer be associated with BharatPe in any capacity, nor be part of the capital table. My remaining shares will be managed by my Family Trust. Both parties have decided not to pursue cases filed. I hope BharatPe continues to grow and succeed for the benefit of all its stakeholders,” he posted. BharatPe had approached the high court months after Ashneer Grover and his wife, Madhuri Jain Grover, were dismissed from the company over allegations of misappropriation of funds. ‘Panchsheel Vaalo Ko Kya Ho Gaya’, Ashneer Grover Reacts After Casting Vote Amid Sweltering Heat.
In its suit, running into 2,800 pages, BharatPe claimed damages worth Rs 88.67 crore from Ashneer, his wife, and his brother for alleged cheating and misappropriation of funds. Last week, the Economic Offences Wing (EOW) of the Delhi Police arrested Deepak Gupta, a family member of BharatPe co-founder Ashneer in connection with the misappropriation of the company's funds. Deepak Gupta has been named in the FIR filed against Ashneer, his wife and their family member in May 2023. Earlier, another accused in this case, Amit Bansal was also arrested by the EOW.
(The above story first appeared on LatestLY on Sep 30, 2024 10:04 AM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website latestly.com).