Bharat Pe has officially settled its long-standing legal dispute with former co-founder Ashneer Grover in an agreement announced today, which states that Grover will no longer have any ties to BharatPe and neither will he hold any shares in the company.
Both parties were involved in a legal dispute since Mr Grover was removed from the position of Managing Director of BharatPe by the company's board in March 2022.
"Both parties have decided not to pursue the cases filed. We wish Mr Grover well. BharatPe continues to focus on delivering industry-leading solutions to its merchants and customers driving growth with profitability," said the Indian fintech company in a statement.
This settlement comes amid allegations against Mr Grover and his family, including the arrest of Mr Grover's brother-in-law, Deepak Gupta, by the Economic Offences Wing (EOW) of Delhi Police. They have been charged with claims of financial misconduct that reportedly cost BharatPe around Rs 81.3 crore. The company accused them of making improper payments to fake vendors and engaging in fraudulent activities.
I have reached a decisive settlement with BharatPe. I repose my faith in the management and board, who are doing great work in taking BharatPe forward in the right direction. I continue to remain aligned with the company's growth and
— Ashneer Grover (@Ashneer_Grover) September 30, 2024
success. I will no longer be associated with… pic.twitter.com/gB3Pla5qQZ
In a statement after the settlement, Mr Grover took to social media platform X (formerly Twitter) and expressed his support for BharatPe's management and board. "I repose my faith in the management and board, who are doing great work in taking BharatPe forward in the right direction. I continue to remain aligned with the company's growth and success. I will no longer be associated with BharatPe in any capacity, nor be part of the capital table," he wrote.
As part of the settlement, some of Grover's shares will be transferred to the Resilient Growth Trust for the benefit of BharatPe. A source close to the company said to Moneycontrol, that he will be transferring 1.4% of his holding to the BharatPe board, with the rest 3.5-3.7% going to a family trust. Both parties have also agreed to drop all ongoing legal cases against each other.
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