BharatPe settles with Ashneer Grover, co-founder not be associated with BharatPe

BharatPe settles with former co-founder Ashneer Grover, transferring shares and ending legal disputes amicably.

Fintech firm BharatPe has reached a settlement with its former co-founder Ashneer Grover, ending months of acrimonious legal and public dispute, the two sides said on Monday (September 30, 2024).

As part of the settlement agreement, Mr. Grover will not be associated with BharatPe in any capacity nor be a part of the shareholding of the company.

Mr. Grover will transfer a part of his shareholding to the BharatPe board and the rest will be managed by a family trust, keeping him off the company's capital table. Also, the two sides will not pursue legal cases, BharatPe and Mr. Grover said in separate statements.

The settlement comes days after the Economic Offences Wing (EOW) of the Delhi Police arrested Deepak Gupta on charges of misappropriation of fintech Unicron's funds. Mr. Gupta is the husband of Madhuri Jain Grover's sister.

"Certain number of shares held by him 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.

"Both parties have decided not to pursue the cases filed," BharatPe said in a statement.

It all started in January 2022 when Mr. Grover had to go on leave following allegations of using abusive language against Kotak Mahindra Bank staff and fraudulent practices, which he denied.