BharatPe Denies Reports Of Any Settlement With Ashneer Grover In Defamation Case

Fintech major BharatPe has reportedly told the Delhi High Court (HC) that it might explore a settlement in the INR 88 Cr defamation case later, but just not yet.

BharatPe’s counsel made the comments after a single-judge bench of Justice Navin Chawla remarked that both parties – the fintech major and the beleaguered former managing director Ashneer Grover – should explore a settlement.

However, later in the day, the fintech major publicly issued a statement and denied any reports of an out-of-court settlement. BharatPe told IANS that any reports ‘suggesting any settlement between BharatPe and Mr Grover or his family are completely baseless and untrue.’

The remarks came on the same day as Delhi HC granted more time to Grover, BharatPe’s former head of controls and his wife Madhuri Jain Grover, and other accused to furnish additional responses to the notices issued in the high-profile lawsuit.

Noting that 85 filings have been registered in the case ever since the court first began hearing the matter in December last year, Grovers’ counsel moved a plea for condonation of delay. The court entertained the request and posted the case for the next hearing on May 24. 

At its previous hearing on January 9, the Judge had similarly extended the time for defendants to file their written statements in response to the main lawsuit. The single-judge bench had also restrained Grover from speaking against BharatPe’s top officials.

It is pertinent to note that the Grover couple, along with Madhuri Jain Grover’s brother Shwetank Jain, her sister’s husband Deepak Gupta and father Suresh Jain have been named as the defendants in the matter. 

The BharatPe Saga

The two sides have been embroiled in a public drama for the past year. It all began when BharatPe roped in multiple advisory firms last year to undertake a governance review of the company.

Subsequently, a public row erupted after Madhuri Jain Grover was allegedly ousted from the company and then Ashneer Grover resigned from his post. Afterwards, the two sides publicly sparred with each other, which resulted in BharatPe dragging Grover, his wife and other family members to the court in an INR 88.7 Cr defamation suit late last year. 

The 2,800-page civil suit filed in the Delhi High Court has sought nearly INR 89 Cr damages from the Grovers and a restraining order against the couple from posting derogatory material on social media. 

The company has also moved the SIAC seeking to claw back Ashneer Grover’s 1.4% unvested equity and restrain Grover from using the title of cofounder. 

Besides, ex-cofounder Bhavik Koladiya also sued Ashneer in the Delhi HC to claw back his shares in the company. This case will next be heard on Wednesday (March 15). 

Note: We at Inc42 take our ethics very seriously. More information about it can be found here.