Today, On 4th October, The Delhi High Court disposed of the lawsuit filed by Bhavik Koladiya against Ashneer Grover following a mutual settlement between the parties. The court acknowledged that no further obligations remain, except for a future agreement to refrain from defaming one another.
New Delhi: The Delhi High Court on Friday concluded a lawsuit filed by BharatPe Founder Bhavik Koladiya against Ashneer Grover regarding unpaid shares, following a settlement reached between BharatPe and the Grovers.
Justice Manmeet Pritam Singh Arora recorded that the settlement terms, dated September 30, had been fulfilled by the Grovers.
The Court acknowledged that while the original dispute concerned 18,189 shares, Koladiya agreed to settle the matter after receiving the transfer of 15,000 shares from Ashneer Grover.
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By the end of the hearing, Koladiya’s counsel confirmed that the share certificate for the 15,000 transferred shares had been issued.
In light of the settlement, Justice Arora dismissed the suit, along with any related applications and interim orders, noting that no further obligations remain, except for the parties’ mutual agreement not to defame each other in the future.
Koladiya co-founded BharatPe in 2017 with Shashvat Nakrani, and in 2018, they sought a chief executive, bringing Grover on board. According to a report , Koladiya, despite being the largest shareholder, had to leave BharatPe due to complications arising from a past conviction in the United States for credit card fraud, which was reportedly affecting investor relations.
When Bhavik Koladiya resigned, he transferred his shares to Ashneer Grover, Shashvat Nakrani, Mansukhbhai Mohanbhai Nakrani, and several early-stage and angel investors.
On December 3, 2022, Koladiya agreed to transfer 1,611 of his 2,900 shares (equivalent to 16,110 shares) to Grover for a consideration of approximately Rs. 88 lakh. However, Koladiya later claimed that Grover had failed to pay for the shares.
Between February and early March 2022, Grover began asserting ownership over the 16,110 shares, which later became 18,189 shares, publicly declaring himself the largest shareholder of BharatPe. When Grover refused to return Koladiya’s shares upon request, Koladiya filed a lawsuit in the Delhi High Court.
Koladiya’s counsel subsequently filed an application to withdraw the suit against Grover and others, following the settlement reached on September 30.
In this settlement, Bhavik Koladiya represented by senior partners Mohit Goel and Sidhant Goel from Sim and San, assisted by Managing Associate Deepankar Mishra, Senior Associate Aishna Jain, and Associate Aditya Maheshwari. Ashneer Grover represented by Giriraj Subramanium and Shonak Sharma.
Mohit Goel and Sidhant Goel appeared on behalf of Bhavik Koladiya, while Giriraj Subramanium represented Ashneer Grover.