New Delhi, April 30: The Delhi High Court on Tuesday issued a restraining order against Ashneer Grover, the former Managing Director of BharatPe, preventing him from creating any third-party interests or rights in the 16,110 shares transferred to him by the fintech company's co-founder, Bhavik Koladiya.

The order was issued by Justice Prateek Jalan in response to an interim application filed by Koladiya as part of his ongoing suit against Grover. The court stressed that Grover must refrain from making any third-party arrangements related to the shares until the conclusion of the legal proceedings. BharatPe Launches ‘BharatPe One’ India’s First All-in-One Payment Product That Incorporates POS, QR and Speaker Into Single Device.

Grover, who joined BharatPe, co-founded by Koladiya and Shashvat Nakrani in 2017, as the third co-founder in 2018, had publicly stated last year that he would not involve any third parties in these shares. This development follows a division bench's order earlier this year for an expedited trial of a suit filed by Nakrani, seeking to prevent Grover from alienating, transferring, or creating any third-party rights in the "unpaid shares" purchased from him.

Previously, a single judge bench had denied Nakrani's request to restrain Grover from creating third-party rights in the unpaid shares, rejecting an interim application in the suit. In March this year, the high court issued an order restraining Grover from making defamatory and derogatory statements against the fintech company, its office bearers, or officials. In November last year, the court imposed a fine of Rs 2 lakh on Grover. Justice Pratibha M Singh had directed Grover to remove his tweets, including one calling the SBI Chairperson petty, within 48 hours. BharatPe Appoints Nalin Negi as Chief Executive Officer.

The court had also mandated the Economic Times to take down an article, based on letters written by Grover to the RBI Chairman. BharatPe had approached the HC months after Grover and his wife were dismissed from the company in 2022 over allegations of misappropriation of funds. In its suit, BharatPe has claimed damages worth Rs 88.67 crore from Grover, his wife, and his brother for alleged cheating and misappropriation of funds.

(The above story first appeared on LatestLY on Apr 30, 2024 05:53 PM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website latestly.com).