NEW DELHI: The high court disposed of a suit filed by BharatPe founder Bhavik Koladiya against Ashneer Grover over unpaid shares, following a settlement between BharatPe and the Grover family.
Justice Manmeet Pritam Singh Arora confirmed that the terms of the settlement, agreed upon on September 30, have been fulfilled by the Grovers. While the initial suit involved 18,189 shares, Koladiya agreed to settle after receiving 15,000 shares from Grover.
The court received confirmation that the share certificate for this transfer has been issued. As a result, the court dismissed the suit. The only remaining obligation for both parties is to refrain from defaming each other. The shares Koladiya has reclaimed are valued at about Rs 550 crores based on BharatPe’s latest funding round.
Koladiya co-founded BharatPe in 2017 with Shashvat Nakrani and sought a CEO in 2018, which led to Grover’s appointment. Reports indicate Koladiya, the company’s largest shareholder, stepped down due to complications arising from a prior conviction in the US for credit card fraud. After his resignation, he transferred shares to Grover, Nakrani, and other early investors.
In December 2022, Koladiya agreed to transfer 1,611 of his shares to Grover for about Rs 88 lakh. However, he alleged that Grover failed to fulfill the payment. Tensions escalated when Grover claimed ownership of the shares and positioned himself as BharatPe’s largest shareholder, leading Koladiya to pursue legal action.
Why Grover was sued?
In December 2022, Bharat Pe Founder Bhavik Koladiya agreed to transfer 1,611 of his shares to Grover for about 88 lakh. However, he alleged that Ashneer Grover failed to fulfill the payment.