BharatPe has finalized a comprehensive agreement with former co-founder Ashneer Grover, ending a prolonged legal and public dispute. As part of the settlement, Grover will sever all ties with the company, and a significant portion of his shares will be transferred to a trust for BharatPe’s benefit.
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NEW DELHI: BharatPe, one of India’s leading fintech companies, has officially reached a comprehensive and definitive agreement with its former co-founder, Ashneer Grover, marking the conclusion of a lengthy legal and public dispute between both parties. This settlement will result in Grover no longer being associated with BharatPe in any capacity, and a significant portion of his shares will be transferred to a trust dedicated to the company’s benefit.
End of Association with BharatPe
Under the terms of this settlement, Ashneer Grover will relinquish any formal ties with BharatPe, signaling the end of a turbulent chapter in the company’s journey. As part of the arrangement, Grover’s shareholding in BharatPe will undergo significant changes. A portion of his shares will be transferred to the Resilient Growth Trust, created for BharatPe’s benefit, while his remaining shares will be managed by his family trust.
Grover, who co-founded BharatPe in 2018 and played a pivotal role in its initial growth, had a very public fallout with the company’s management in 2022. This resulted in several legal battles, both civil and criminal, spanning multiple courts. With this new agreement, both BharatPe and Grover have decided to drop all pending cases.
Ashneer Grover’s Public Statement
In a Twitter post following the announcement of the settlement, Ashneer Grover expressed his trust in BharatPe’s current leadership and his commitment to the company’s ongoing success.
He stated-
“I have full confidence in the management and board, who are steering BharatPe in the right direction. I remain supportive of the company’s growth and success. However, I will no longer have any involvement with BharatPe in any capacity, nor will I hold any shares in the company.”
This statement underscores Grover’s acknowledgment of the company’s progress under its new leadership and his formal disassociation from BharatPe’s operations or ownership.
The settlement also brings an end to the ongoing legal cases that had been filed in various courts. Both parties have agreed to withdraw all civil and criminal charges, ensuring that there are no lingering legal proceedings related to their previous disputes.
Legal Teams Involved in the Settlement
A significant portion of the settlement discussions and the legal complexities were managed by a team of seasoned legal professionals representing both BharatPe and Ashneer Grover. On behalf of BharatPe, law firms Sim and San and Trilegal led the legal proceedings, alongside BharatPe’s General Counsel, Sumeet Singh.
The Sim and San legal team was headed by Senior Partners Mohit Goel and Sidhant Goel, supported by Managing Associate Deepankar Mishra and Senior Associate Aishna Jain, who were instrumental in drafting and negotiating the settlement. Another team from Sim and San, led by Principal Associate Jyotika Jain, Senior Associate Karmanya Dev Sharma, and Senior Associate Aditya Maheshwari, advised BharatPe on the enforcement of the legal structure around the agreement.
Trilegal, a prominent law firm in corporate matters, provided further assistance with civil litigation and corporate law aspects of the settlement. The Trilegal team involved Partners Anuj Berry and Sourabh Rath, with support from Counsel Bhargavi Vadeyar and Senior Associate Megha Janakiraman. Their work ensured a smooth handling of the civil litigation aspects related to the settlement.
On the corporate law side, Trilegal’s work was led by Partners Harsh Maggon, Ganesh Rao, Sneha Vardhan, and Adhunika Premkumar, who were instrumental in the settlement’s corporate law compliance. They were supported by a dedicated team including Counsel Shubhaang Sinha, Counsel Vinit Patwari, Senior Associate Wamika Jha, and Associates Vishesh Mehrotra, Jessica Thakkar, Aman Jha, Divya Upreti, Vaishnavi Patel, and Aditya Sarkar.
The criminal matters related to the dispute were handled by MZM Legal, led by Partners Zulfiquar Memon, Parvez Memon, Vivek Jain, and Mrinal Bharti.
On behalf of Ashneer Grover, settlement discussions were spearheaded by Advocates Giriraj Subramanium and Shonak Sharma, whose team played a vital role in concluding the legal battles. Their legal team also included Sidhant Juyal, Akhilesh Talluri, and Veda Singh, who contributed significantly to finalizing the agreement.
The complex dispute resolution also involved international arbitration proceedings. The matter before the Singapore International Arbitration Centre (SIAC) was handled by Shardul Amarchand Mangaldas, one of India’s top law firms. This aspect of the case was led by Disputes Partner Tejas Karia, who oversaw the arbitration-related discussions, ensuring a balanced and fair outcome for all parties involved.
