NEW DELHI: The Delhi High Court on Wednesday issued summons to Ashneer Grover, former co-founder and managing director (MD) of the fintech company BharatPe, and the payment app on a suit by the fintech unicorn’s co-founder Bhavik Koladiya seeking to reclaim shares he transferred to his former colleague.Grover’s counsel submitted before Justice Prateek Jalan that he will file a reply to the suit and will 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 court ordered. The matter will now be heard by the court on March 16.Koladiya’s counsel Senior Advocate Mukul Rohatgi sought an interim injunction restraining Grover from creating any third-party rights in the shares which are the subject matter of the suit.
When Justice Jalan asked whether settlement talks were underway between the parties, Rohatgi said, “No. The company has filed a suit against this man (Grover).”To the court’s query as to why Koladiya gave his shares, Rohatgi said, “He is a gullible person, what can you say?” I was the founder of this company. I am entitled to get my shares back.”Grover’s counsel said the agreement is from December 2018. “The agreement filed is a forged and fabricated document,” he said.
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 ` 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 the goods which he had given to be returned.In 2018, Koladiya’s role changed from the founder of the company to co-founder and CEO, and then again, he lost his co-founder status and instead was named the CTO of the company.
Koladiya’s role changed
In 2018, Koladiya’s role changed from the founder of the company to co-founder and CEO, and then again, he lost his co-founder status and instead was named the CTO of the company