BharatPe co-founder Ashneer Grover has withdrawn his petition from the National Company Law Tribunal (NCLT). In this he had accused the board of the fintech firm of oppressive conduct and mismanagement.
Ashneer Grover has withdrawn the petition from the Delhi bench of NCLT after reaching a settlement with the company on 30 September 2024. The lawyer appearing for Grover had also placed a copy of the settlement agreement before the NCLT.
Apart from this, on October 17, Grover has also withdrawn his petition from the National Company Law Appellate Tribunal (NCLT), where he had sought early hearing of the case in NCLT.
Ashneer Grover had made 3 big demands from NCLT
- Grover had demanded his reinstatement as MD of the company and changes in the company's board.
- The Ministry of Corporate Affairs was also demanded to order inspection and audit of the company.
- BharatPe's board was also requested to cancel the dismissal of his wife Madhuri Jain.
Ashneer Grover will not be a part of the company's shareholding.
As per the settlement, Ashneer Grover will neither be associated with the company in any capacity nor hold any part of its shareholding.
In March 2022, the company's board removed Grover from the post of managing director of BharatPe. Since then, both parties have been embroiled in legal disputes.
Following the agreement, some of Grover's shares will be transferred to the Resilient Growth Trust for the benefit of the company and his remaining shares will be managed by his family trust.
Graphics Source: VaskarAssets
