BENGALURU: The Delhi High Court on Friday refused to restrain BharatPe’s former MD Ashneer Grover from selling or alienating the shares sold to him by BharatPe co-founder Shashvat Nakrani.
Grover was asked to give an intimation to Nakrani when he decides to sell or transfer shares. “This was an interim application, the trial on my case filed in March 2023 will continue and I am confident that we will be able to prove our case in trial. I have full faith in the legal system,” Nakrani said on X. The court has asked Grover to intimate before selling the shares and Nakrani has a claim of damages equal to market value of the shares. “It is an order which protects my interest as well,” he said.
“I am highly indebted to Hon’ble High Court to pass this order in my favour and protecting my equity. We as Founders work hard to create ‘equity’ value and this order shall go a long way in protecting rights of Founders in India. More importantly it’ll teach an important lesson to co - founders to respect each other’s equity and not break the ‘bro - code’,” Grover posted on X.
Nakrani and Bhavik Koladiya founded BharatPe in March 2018 and Grover joined the company later. In January this year Koladiya too filed a similar suit seeking to restrain Grover from creating any third-party rights in respect of his shares in the company.
As per reports, after joining BharatPe, Grover bought 3,192 shares from both the founders and pegged the worth of the shares at about Rs 500 crore. Recently, the company said it has turned EBITDA positive in October and its annualised revenue has surged past Rs 1,500 crore, a growth of 31% from FY23.