BharatPe has filed arbitration for clawback of former managing director and co-founder Ashneer Grover’s restricted shareholding and founder title, sources told CNBC-TV18. According to the sources the arbitration, filed on Thursday, December 8, is under Singapore International Arbitration Centre (SIAC) rules Currently, Grover holds roughly 8.43 percent stake in BharatPe, of which 1.4 percent was not vested as on the date of his resignation (March 1, 2022)
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The company had earlier sent a legal notice to Grover to transfer his 1.4 percent restricted shares under SHA (shareholder agreement). Interestingly this is the third legal action after the civil suit at Delhi High Court and criminal complaint with the Economic Offences Wing.
Earlier, the Delhi high court on Thursday heard the fintech company’s plea on Grover for launching a "vicious" campaign against the company. BharatPe has filed a 2,800-page civil suit and criminal complaint against Ashneer Grover, wife and family. The family members include Madhuri Jain Grover's brother-in-law Deepak Gupta (head admin & logistics), her father Suresh Jain and brother Shwetank Jain (both vendors of the company).
BharatPe has alleged charges on 17 counts, including criminal conspiracy, cheating, siphoning, embezzlement of funds and forgery and has claimed Rs 88 crore in damages from Grover, and family. In this regard, the Delhi HC has issued notice and has decided to summon Grover and his wife.
BharatPe told CNBC-TV18 that it has initiated civil and criminal action against erstwhile co-founder and MD Ashneer Grover, former head of controls Madhuri Jain Grover, and other connected parties of their family for various claims, including misappropriation of company funds.
The complaint by the company are based on findings of an Alvarez and Marsal preliminary report from January.
After being fired over alleged misappropriation of funds, Madhuri Jain Grover released an audio clip allegedly of a conversation between company co-founder Ashneer Grover, Bhavik Koladiya and chairman Rajnish Kumar. She further called her sacking a conspiracy, sharing a screenshot of a WhatsApp chat purportedly between Grover and BharatPe CEO Suhail Sameer.