Ashnier Grover, the co-founder and former managing director of BharatPe, has already withdrawn his plea from the National Company Law Tribunal (NCLT) alleging oppressive behavior and mismanagement by the firm’s board, according to the Economic Times report.
This comes after Grover reached a settlement with the company on September 30, 2024.
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What happened between Ashneer Grover and BharatPe board?
Ashnier Grover was removed from his position as managing director of BharatPe by the company’s board in March 2022, after which both parties were involved in litigation.
After the settlement, Grover on October 17, 2024 also withdrew a plea before the National Company Law Appellate Tribunal (NCLAT), where he sought an early hearing of the NCLT case, the report said.
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He sought his reinstatement as the managing director of the company and to declare as “illegal” the changes in the management of the company by changing the board of Resilient Innovations Pvt Ltd, doing business as ‘BharatPe’.
Grover even asked the NCLT to order a probe and audit of the company by the Ministry of Corporate Affairs and set aside the suspension of his wife Madhuri Jain from the company’s board.
However, the agreement comes with Grover not being affiliated with the company in any way, nor part of its shareholding, the report said.
Therefore, certain shares of Grover will be transferred to the Resilient Growth Trust for the benefit of the company, and the rest of his shares will be managed by his family trust, according to the report.
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