BharatPe co-founder Ashneer Grover on Friday welcomed the decision of the Delhi High Court rejecting the plea of another co-founder Shashvat Nakrani to restrain the former from selling or alienating the shares, saying that this order will go a long way in protecting rights of founders in India.
In a post on X (formerly Twitter), he said, “I am highly indebted to Hon’ble High Court to pass this order (I’ve just been informed of order read out in Court) in my favour and protecting my equity. We as Founders work hard to create ‘equity’ value and this order shall go a long way in protecting rights of Founders in India. More importantly it’ll teach an important lesson to co – founders to respect each other’s equity and not break the ‘bro – code’.”
Grover also lauded his lawyer Giri Subramanium for helping him in this legal case. “Big shout out to my lawyer Giri Subramanium – it’s a landmark judgement in many ways. Peace 🕊️,” he said.
The Delhi High Court earlier today rejected the interim application filed by Nakrani and asked Grover to give an intimation to the former when he decides to sell or transfer the shares in question, Bar and Bench reported.
Nakrani had alleged that he had transferred his shares to Grover but the latter never paid him for them.
According to a Livemint report, Shashvat Nakrani and Bhavik Koladiya founded in March 2018 and Grover joined the company as a third co-founder and board member in July 2018, and purchased 3,192 shares (2,447 from Nakrani and 745 from Koladiya for ₹10 a piece).
Koladiya has also sued Grover over the disputes regarding the transfer of shares.
Koladiya had to leave BharatPe allegedly because of his past conviction in the United States in a credit card fraud case was hindering talks with investors. After his resignation, Koladiya transferred his shares to Grover, Nakrani and Mansukhbhai Mohanbhai Nakrani, and some other early-stage and angel investors.
Grover has also moved the National Company Law Tribunal (NCLT), alleging oppressive conduct and mismanagement by the board of BharatPe.
In his petition, Grover has prayed for reinstating him as managing director of the company and declare as “illegal” changes in the management of the company by altering the company board.
He has also requested NCLT to order inspection and audit of the company by Ministry of Corporate Affairs and to revert any shares/ESOPs issued since his resignation on March 1, 2022.
Earlier in another case, the high court imposed ₹2 lakh penalty on Grover in the matter related to his alleged defamatory social media posts against the fintech company even as he tendered an apology for his conduct.