Pawan Kumar
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The war between fintech company BharatPe and former managing director Ashneer Grover, co-founder of the company, has now reached Singapore. Earlier, the company has besieged him in two cases in India itself. There is a civil case registered in the Delhi High Court, while a criminal case is also going on with the Economic Offenses Wing.
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BharatPe has filed an application with the International Arbitration Center of Singapore to withdraw the company’s stake and co-founder’s title held by Ashneer Grover. Right now these shares of the company are in the restricted category.
Ashneer Grover will suffer this loss
Quoting sources aware of this, the agency reported on Friday that BharatPe has filed this application a day earlier under the rules of the Singapore International Arbitration Center. If this application of BharatPe is accepted, then Ashneer Grover may have to lose both the company’s shares and the title of co-founder held by him.
Ashneer has so many shares of BharatPe
At present, Ashneer Grover holds about 8.5 percent stake in BharatPe. However, out of this, 1.4 percent shareholding is in the restricted category. Shareholding in this category means that the shareholding received as an employee of the company cannot be transferred.
First sent notice, then BharatPe reached Singapore
Sources informed that the company had earlier sent a legal notice to Ashneer Grover asking him to return these shares. For restricted category shares, there is also a provision to withdraw them in the agreement with the share holders. However, there is no official response from BharatPe yet regarding this arbitration case.
Battle of BharatPe and Grovers
Earlier this year, BharatPe accused Ashneer Grover of embezzling and cheating the company’s funds. After this Ashneer Grover and his wife Madhuri Jain Grover were shown the way out of the company. However, the round of allegations and counter-allegations continued between the two sides.
In this sequence, BharatPe has recently filed a civil suit against the Grover couple and their three relatives in the Delhi High Court. At the same time, a criminal complaint has also been lodged with the Economic Offenses Wing. The company has demanded Rs 88.67 crore from him as compensation.
Trouble started after the audio of abusing
Ashneer Grover’s troubles actually started only after one of his audios went viral. He had invested in the IPO of Nykaa company through Kotak Bank. After the share deal was not completed, the audio of his indecent conversation with an employee of the bank went viral, from where his troubles continued to increase.
However, earlier this year, Ashneer Grover appeared as a judge in a show called Shark Tank India. Many of his statements during the show also made a lot of headlines.
Such are one of the shark tank investors, ye sikhate hai dhandha kaise hota haihttps://t.co/AR1BTxHAIF
— India 1st- Modi ka Pariwar (@frieeend2010) December 8, 2022
