The Delhi High Court Today (April 30th) restrained former managing director of BharatPe, Ashneer Grover from selling or creating any third parties rights on the shares transferred to him by co-founder Bhavik Koladiya.
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NEW DELHI: The Delhi High Court issued a directive Today to temporarily restrain Ashneer Grover, former managing director of BharatPe, from selling or creating any third-party rights over shares transferred to him by co-founder Bhavik Koladiya. The court’s decision came as a result of Koladiya’s complaint that Grover had not compensated him for these shares, which were purportedly transferred in December 2022.
Justice Prateek Jalan granted the interim relief sought by Koladiya, ordering that the restraint on the shares remain effective until the court reaches a decision on the ongoing legal battle between the two businessmen. Post-hearing, Justice Jalan acknowledged the efforts of Grover’s legal representation, stating,
“I must compliment you on the presentation of the case, even though you could not ultimately prevail.”
The conflict centers on a specific transaction where Koladiya, one of BharatPe’s founders, transferred 1,611 of his original 2,900 shares to Grover, based on an agreement dated December 3, 2022. The deal, valued at approximately Rs 88 lakhs, has allegedly not been honored in terms of payment, according to Koladiya.
BharatPe was co-founded by Bhavik Koladiya and Shashvat Nakrani in 2017. By 2018, they began searching for a chief executive, leading to Grover’s involvement with the company. However, Koladiya’s tenure at the company reportedly ended due to complications arising from a past legal issue in the United States involving credit card fraud, which, according to a media report, was impeding negotiations with potential investors.
When Koladiya stepped down, he distributed his shares not only to Grover and Nakrani but also to Mansukhbhai Mohanbhai Nakrani and several other early-stage and angel investors. Despite this distribution, Grover began to claim ownership of the 16,110 shares, asserting his position as the single largest shareholder of BharatPe by early 2022.
This claim by Grover led Koladiya to request the return of his shares, which Grover reportedly refused, prompting Koladiya to seek judicial intervention. In response to the lawsuit, Grover has countered that the agreement cited by Koladiya’s counsel is a forgery and denied any wrongdoing.
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