BharatPe co-founder Ashneer Grover will no longer be associated with the company or hold any shareholding as part of a settlement agreement, the fintech unicorn said in a statement on 30 September.
This settlement brings an end to years of legal disputes between the fintech firm and the former Shark Tank India judge. Grover, who had served as managing director and co-founder of BharatPe, resigned from his position on 28 February 2022.
Moneycontrol was the first to report on the development.
Under the terms of the settlement, certain shares held by Grover will be transferred to the Resilient Growth Trust, while his remaining shares will be managed by his family trust. Both parties have agreed to drop all ongoing legal cases against each other.
Since his resignation, Grover and BharatPe have been involved in a public dispute, with both sides levelling accusations. BharatPe’s parent company, Resilient Innovations, alleged discrepancies in vendor invoices and claimed that some HR consultancies associated with the company had been set up to siphon off funds from the fintech unicorn. Grover, however, defended himself by calling the entire matter a “witch-hunt” by the BharatPe board and management to remove him from the company, according to media reports.
Additionally, in February last year, Grover wrote to the National Payments Corporation of India (NPCI), accusing BharatPe’s co-founder Bhavik Koladiya of data theft.
Later in November, during the dispute, a lookout circular (LoC) was issued against both Grover and his wife, Madhuri Jain, preventing them from travelling abroad. The couple was stopped at Delhi’s Indira Gandhi International Airport last year while attempting to fly to New York due to financial misconduct allegations.
Following all the tumult, BharatPe, in the Monday statement, said: “We wish Mr. Grover well.”
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