The Delhi bench of NCLT has issued a notice and sought a reply from BharatPe and other respondents in the matter
The tribunal has listed the matter for the next hearing in April
Grover has sought exemptions for his previous petition filed before NCLT against BharatPe’s board that alleges oppressive conduct and mismanagement
Beleaguered bharatpe
cofounder and ex-managing director (MD) Ashneer Grover has reportedly filed a plea before the National Company Law Tribunal (NCLT) seeking waiver over a previous petition that alleged mismanagement at the company.
In December 2023, Grover filed a petition before the tribunal against the board of Resilient Innovations, the parent of BharatPe, under sections 241 and 242 of the Companies Act 2013.
However, section 244 of the Act allows only those shareholders that have more than 10% shares of the company to file an appeal under section 241.
However, the former provision also empowers the NCLT to quash such mandates to apply for an appeal. It is this waiver that Grover is seeking from the appellate tribunal.
In response to Grover’s petition, the Delhi bench of NCLT on Monday (February 12) issued a notice and sought a reply from BharatPe and other respondents in the matter.
The tribunal has listed the matter for the next hearing in April.
At the heart of the matter is the petition filed by Grover in December 2023, which alleges oppressive conduct and mismanagement by the fintech unicorn’s board. In his plea filed under section 241, Grover has urged the NCLT to reinstate him as the fintech startup’s MD and declare changes in the board of the startup as “illegal”.
He has also urged the tribunal to order an audit of the company by the MCA and revert shares or ESOPs issued by the company since Grover’s resignation in March 2022. Besides, he also challenged the termination of his wife Madhuri Jain by the board, terming it “illegal” and sought its revocation.
Urging the NCLT for the direct winding up of the company in the “interest of justice”, he has also asked the tribunal for the removal of any new member inducted on the board post his exit.
The fresh developments come days after reports surfaced that the Ministry of Corporate Affairs (MCA) issued a notice to BharatPe seeking information about legal proceedings initiated by the unicorn against Grover.
These back-to-back developments come close on the heels of Grover and his wife, Madhuri Jain Grover, approaching the Delhi High Court and challenging the lookout circular (LOC) issued against them in connection with an alleged cheating and forgery case.
The couple is being probed by Delhi Police’s Economic Offences Wing (EOW) in a case related to alleged fake bank transfers to the tune of INR 56 Cr between 2019 and 2022. Overall, the duo are under the radar of authorities for alleged dubious transactions worth INR 81 Cr.
The EOW’s FIR named the couple and a few others under eight sections of cognizable criminal offences, including criminal breach of trust, forgery, and cheating, among others.
