November 6, 2024
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Ashneer Grover Withdraws NCLT Petition After Reaching Settlement with BharatPe

Ashneer Grover, the co-founder and former managing director of BharatPe, has withdrawn his petition from the National Company Law Tribunal (NCLT) following a settlement with the company’s board. Grover’s petition had accused the board of mismanagement and oppressive conduct, but the Delhi bench of the NCLT confirmed on October 14, 2024, that the legal dispute was settled as of September 30, 2024. His plea, which also requested his reinstatement as managing director, was dismissed as withdrawn.

The settlement marks the conclusion of Grover’s legal battle, which began after his removal from BharatPe in March 2022. Under the terms of the agreement, Grover will no longer hold any position or ownership stake in the company. Some of his shares will be transferred to the Resilient Growth Trust, while the remainder will stay with his family trust.

In a related move, Grover also withdrew another plea from the National Company Law Appellate Tribunal (NCLAT) on October 17, which had sought an early hearing for his case in the NCLT. The settlement ends a two-year legal feud between Grover and BharatPe, which included the dismissal of his wife, Madhuri Jain, from the company.

Pic Courtesy: google/ images are subject to copyright

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