Ashneer Grover, co-founder and former managing director of BharatPe, has withdrew his plea from the Nationwide Firm Legislation Tribunal (NCLT), wherein he had alleged oppressive conduct and mismanagement by the board of the fintech agency.
The withdrawal of the plea from the NCLT’s Delhi bench got here after Grover reached a settlement with the corporate on September 30, 2024. A replica of the settlement settlement was additionally positioned earlier than the NCLT by the counsel showing for Grover, who had filed an software for withdrawal of the petition.
On October 17, Grover additionally withdrew a plea from the Nationwide Firm Legislation Appellate Tribunal (NCLAT), the place he had sought an early listening to of the case in NCLT.
In his petition, Grover had sought his reinstatement as Managing Director of the corporate and the modifications within the administration of the corporate by altering the board of the Resilient Improvements Pvt Ltd, which is doing enterprise as BharatPe, to be declared “unlawful”.
The previous Shark Tank choose (season 1) had additionally requested the NCLT to order an inspection and audit of the corporate by the Ministry of Company Affairs and revocation of termination of his spouse Madhuri Jain by the board of BharatPe.
As per the settlement, the previous co-founder will neither be related to the corporate in any capability nor be part of its shareholding.
“I’ve reached a decisive settlement with BharatPe. I repose my religion within the administration and board, who’re doing nice work in taking BharatPe ahead in the best course. I proceed to stay aligned with the corporate’s development and success. I’ll now not be related to BharatPe in any capability, nor be a part of the capital desk…,” Grover mentioned in a publish on X (formally Twitter) on September 30.
Grover was faraway from the place of managing director of BharatPe by the corporate’s board in March 2022. Since then, each events have been concerned in authorized disputes.
Following the settlement, sure shares of Grover will probably be transferred to the Resilient Development Belief for the good thing about the corporate and his remaining shares will probably be managed by his household belief.
(With inputs from PTI)
