Ashneer Grover Barred From Selling Shares Transferred By Bhavik Koladiya

Delhi HC Restrains Ashneer Grover From Selling BharatPe Shares Transferred By Bhavik Koladiya

SUMMARY

With this, the former BharatPe MD Ashneer Grover has been barred from selling or creating any third party rights on the fintech unicorn’s shares transferred by ex-cofounder Bhavik Koladiya to him

In January 2023, Koladiya alleged that he transferred 1,611 shares of BharatPe (now 16,110 shares) worth INR 88 Lakh to Grover, but he never paid him for these shares

Grover has rejected the allegations and called the agreement for share transfer, referred to by Koladiya’s counsel, as forged and fabricated

The Delhi High Court on Tuesday (April 30) restrained former BharatPe MD Ashneer Grover from selling or creating any third party rights on the fintech unicorn’s shares transferred by BharatPe cofounder Bhavik Koladiya to him.

The court permitted Koladiya’s plea for interim relief and said that the interim order would stay in place till the HC decides on the matter, Bar and Bench reported.

Koladiya has alleged that he transferred 1,611 shares of BharatPe (now 16,110 shares) to Grover, but he never paid him for these shares. The consideration for the transfer of these shares was approximately INR 88 Lakh.

Koladiya, who now serves as the CEO of fintech SaaS startup OTPless, first moved the HC in the matter in January last year.

Koladiya has alleged that Grover refused to return his shares to him when he requested. However, Grover has rejected the allegations and called the agreement for share transfer, referred to by Koladiya’s counsel, as forged and fabricated, as per the report.

It is pertinent to note that BharatPe cofounder Shashvat Nakrani has also made similar allegations against Grover, accusing the latter of not paying for the shares bought from the former.

In February this year, the Delhi HC disposed a plea filed by Nakrani against a single-judge bench’s order rejecting his interim application which sought to restrain Grover from selling or alienating the shares that the BharatPe cofounder sold to him. However, the court expedited the trial in the case.

Besides the former top brass of BharatPe, Grover is also involved in multiple legal battles with his former employer.

Most recently, the Delhi HC ordered Grover to take down one of his posts on X against BharatPe and its chairman Rajnish Kumar, saying the post was “completely avoidable”.

Grover is also under the scanner of the Delhi Police’s Economic Offences Wing for being allegedly involved in a fraud at BharatPe.

Amid all these, Grover launched a new lending tech startup ZeroPe earlier this month.

Meanwhile, BharatPe elevated Nalin Negi as its chief executive officer earlier this month.