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The Delhi high court on Thursday heard the plea by fintech company BharatPe against former Managing Director and co-founder Ashneer Grover for launching a "vicious" campaign against the company. BharatPe has filed a 2800-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.
"We have full faith in the courts and authorities and are confident that justice will be done," BharatPe said adding that the company has no further comment as the matter is sub judice.
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 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.
On March 1, 2022, Grover resigned from the fintech firm days after the services of his wife Madhuri Jain Grover as head of controls were terminated on allegations of misappropriation of funds. "I hereby resign as the Managing Director of BharatPe, effective immediately. I also resign as a Director of the Board. I will continue as the single largest individual shareholder of the Company," Grover had written.
Grover had earlier filed a plea arbitration plea with the Singapore International Arbitration Centre (SIAC) claiming the company's investigation against him for allegations of using abusive language against Kotak Mahindra Bank staff and fraudulent practices was illegal. However, the emergency arbitrator rejected his appeal.