HC issues summons to Ashneer Grover on BharatPe’s co-founder’s plea reclaiming shares


PTI, Jan 18, 2023, 4:44 PM IST

Image source: LinkedIn/Ashneer Grover

New Delhi: The Delhi High Court Wednesday issued summons to payment app BharatPe’s former MD Ashneer Grover on a suit by the company’s co-founder seeking to reclaim the shares he transferred to his erstwhile colleague.

Justice Prateek Jalan noted Grover’s counsel’s submission that he will file a reply to the suit and 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 high court said.

It listed the suit for further hearing on March 16.

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 Rs 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 his goods which he had given to be returned.

Koladiya, in an application, sought an interim injunction restraining Grover from creating any third party rights in the shares which are subject matter of the suit.

However, Grover’s counsel alleged that the documents shown to the court were false and fabricated and that his wife had paid Rs 8 crore to Koladiya’s wife.

As the court asked why Koladiya gave away his shares, senior advocate Mukul Rohatgi, appearing for Koladiya, said he is a gullible person.

In June last year, Koladiya, who ran the fintech firm’s technology and product divisions, had stepped down.

Koladiya and Shashvat Nakrani founded BharatPe in July 2017, although the firm was not incorporated till March 2018. Grover had joined the company in June 2018 and resigned in March 2022.

Last year, the court had issued summonses to Ashneer Grover, his wife and other defendants on another suit filed by the fintech firm, BharatPe, which has accused the couple of misappropriating funds. Grover had resigned from the company in while his wife was removed from her post.

In the suit, besides seeking to restrain the defendants from making defamatory statements, the company has also sought direction for payment of over Rs 88.67 crore along with interest towards recovery of alleged misappropriated funds and damages caused to the reputation of the firm.

Udayavani is now on Telegram. Click here to join our channel and stay updated with the latest news.

Top News

BJP to launch programme against 1975 Emergency to ‘expose authoritarianism’ of Congress

PM should have spoken on NEET issue, ‘exam pe charcha’ is long-term commitment to students: Omar Abdullah

Sanskrit, Hindi, Dogri, Odia: Linguistic diversity on display in Lok Sabha as new members take oath

Netanyahu tests truce proposal, says won’t agree to deal that ends Gaza war

Rajnath Singh, Amit Shah take oath as members of 18th Lok Sabha

Kalaburagi airport in Karnataka gets hoax bomb threat

‘Will not allow attack on Constitution,’ says Rahul Gandhi as I.N.D.I.A. leaders protest in Parliament complex

Related Articles More

Biocon Biologics gets EMA nod to produce biosimilar Bevacizumab at Bengaluru plant

Markets tumble in early trade on weak trends from global equities, fresh foreign fund outflows

Japan sanctions Bengaluru-based tech firm for ‘helping’ Russia evade trade restrictions

Taxpayers can amend sales return form before GST payment

Gautam Adani drew Rs 9.26 cr salary in FY24 – lower than his executives, industry peers

MUST WATCH

What are the first signs of a hernia?

Elephantattack

Sapthami Gowda

Yaduveer Wadiyar

Cyanide mallika


Latest Additions

Kejriwal bail issue: “Unusual” for HC to reserve verdict while granting interim stay on bail order

Uddhav group won more LS seats but our strike rate was better: CM Shinde

Uddhav group won more LS seats, but our strike rate was better, says CM Shinde

Not happy with Centre for excluding Bengal govt from Teesta talks with B’desh: Mamata to PM

MLC Suraj Revanna remanded in CID custody till July 1

Thanks for visiting Udayavani

You seem to have an Ad Blocker on.
To continue reading, please turn it off or whitelist Udayavani.