BharatPe files arbitration to restrict Ashneer’s 1.4% unvested stock

NEW DELHI: In yet another move against its co-founder and former managing director Ashneer Grover, fintech platform BharatPe has filed for arbitration with the Singapore International Arbitration Centre (SIAC) to restrict his 1.4 per cent shareholding as well as strip him off his founder title.

Grover has about 8.5 per cent share of the company and of this, 1.4 per cent is yet to be vested. Reliable sources said Grover will lose his unvested shares and right to use the founder title if the arbitration is granted.

When contacted, BharatPe declined to comment on the matter as of now. With this new move, BharatPe has taken on Grover from three sides, along with a civil case in the Delhi High Court asking him to reply on the Rs 88.6 crore he allegedly swindled at the company along with his wife and close relatives and a criminal complaint with the Economic Offences Wing (EOW).

In February this year amid the high drama, Grover lost an arbitration plea he had filed with the SIAC against the company’s probe. He lost the plea, with the emergency arbitrator stating there was no ground to stop governance review at the fintech platform.

BharatPe has initiated criminal and civil proceedings against Grover, his wife Madhuri Jain Grover and their relatives over huge misappropriation of company funds to the tune of over Rs 88.6 crore. The Delhi High Court on Thursday issued notice and summons to Grover and his kin in a plea filed by the company seeking orders to restrain them from making defamatory statements against the company.

Co-founders slug it out amid Rs 88 cr fraud case

Former BharatPe co-founder and managing director Ashneer Grover on Friday attacked the fintech platform’s co-founder Shashvat Nakrani, saying he once asked him to bunk office for a whole year in order to complete his IIT degree while remaining on the payroll.

In a tweet, Grover said: “Doglapan: Shashvat (Co-Founder) to me. Bhai degree poori karni hai. Ek saal office bunk kar ke IIT poora kar leta hoon. Secondary kara dena aur salary bhi mat rokna - investor ko mat batana (Shashvat told me he has to complete an IIT degree so he wants to bunk office for 1 year to complete it. He asked me not to stop my salary and not inform investors either).”

Grover further posted: “Shashvat to Board: No objection in filing case against Ashneer”, lamenting that when he needed his support, Nakrani ditched him.

According to Nakrani’s LinkedIn profile, he graduated from the Indian Institute of Technology (IIT)-Delhi, in 2019 with a degree in textile technology.

BharatPe has initiated criminal and civil proceedings against Grover, his wife Madhuri Jain Grover and their relatives over huge misappropriation of company funds to the tune of over Rs 88 crore.

The Delhi High Court on Thursday issued notice and summons to Grover and his kin in a plea filed by the company seeking orders to restrain them from making defamatory statements against the company.

Earlier this year, Grover hit at the board members of the fintech company, saying snatching the keys and running a corner shop are two different skill-sets.

Amid the Grover-BharatPe tussle, Nakrani had said that the whole episode is an aberration and not the norm and the company will turn this crisis into an opportunity.