Bharat Pay co-founder Ashneer Grover has withdrawn his plea from the National Company Law Tribunal (NCLT). In this, he accused the fintech firm's board of oppressive behavior and mismanagement.
Ashneer Grover has withdrawn the petition from the Delhi bench of NCLT after settling with the company on 30 September 2024. Counsel appearing for Grover also placed a copy of the settlement agreement before the NCLT.
Besides, on October 17 Grover has also withdrawn his plea from the National Company Law Appellate Tribunal (NCLT), where he had sought an early hearing of the case in the NCLT.
Ashneer Grover made 3 major demands from NCLT
- Grover demanded his reinstatement as the company's MD and changes in the company's board.
- The Ministry of Corporate Affairs was also sought to order an inspection and audit of the company.
- BharatPe's board was also requested to revoke the dismissal of his wife Madhuri Jain.
Ashneer Grover will not be part of the shareholding of the company As per the settlement, Ashneer Grover will neither be associated with the company in any capacity nor will he hold any part of its shareholding.
In March 2022, the company's board removed Grover as managing director of Bharat Pay. The two sides have been embroiled in a legal dispute ever since.
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's trust.
Co-founder Ashneer Grover in controversy since 2022 Ashneer Grover, co-founder of Bharat Pay, has been in controversy since 2022. The main reason behind it was an audio of Ashneer that went viral. In which he was heard using abusive language with an employee of Kotak Mahindra Bank. Apart from this, he was also accused of behaving against company rules.
After receiving a complaint against Ashneer and his wife, the company decided to conduct an investigation. In this investigation, it was found that his wife Madhuri Jain Grover was involved in misappropriation of money. She was accused of using the company's money to buy personal beauty treatments, electronic products and family vacations to America and Dubai.
Personal staff were also paid from company accounts and fake receipts were produced and presented to people in the know. After this he was fired from the company. Grover then appealed his company's decision to the Singapore International Arbitration Center (SIC). Here too he had to face defeat. After this, Ashneer had to leave Bharat Pay Company in March 2022.
Image Credit: (Divya-Bhaskar): Images/graphics belong to (Divya-Bhaskar).
