Mexican Standoff At BharatPe: Now, Shashvat Nakrani Sues Ashneer Grover

There seems to be no end to former BharatPe MD Ashneer Grover’s troubles as the fintech unicorn’s cofounder Shashvat Nakrani has now moved the court against him seeking to take back his shares.

Nakrani has filed a lawsuit against Grover in the Delhi High Court. The hearing date for the case is yet to be decided.

As per Mint, Ashneer Grover bought 3,192 shares from BharatPe cofounders Shashvat Nakrani and Bhavik Koladiya when he joined the startup in 2018. Of these, 2,447 shares were bought from Nakrani and 745 from Koladiya.

Grover was to pay INR 24,470 to Nakrani and INR 7,450 to Koladiya. However, Nakrani has reportedly claimed in the lawsuit that Grover did not pay for the transaction and hence should return the shares.

“After the stock split, the 2,447 shares are now 24,470 shares with each share valued at about INR 4 Lakh,” Nakrani has reportedly claimed.

Nakrani, who is the only cofounder still associated with BharatPe, has filed the lawsuit nearly three months after Grover filed a perjury plea against him in his ongoing dispute with BharatPe.

Meanwhile, Koladiya has filed a separate lawsuit against Grover over the share dispute.

Both Nakrani and Grover have taken potshots at each other in the past. Days after Grover left BharatPe, Shashvat accused him of creating a false narrative about the company. On the other hand, Grover alleged in his memoir ‘Doglapan’ that Shashvat had taken a year off to complete his degree while BharatPe allegedly continued to pay his salary.

Grover and his wife Madhuri Jain Grover have their hands full with multiple lawsuits from BharatPe and its two cofounders. While Ashneer resigned in March 2022, Madhuri was ousted over allegations of misappropriation of company funds in February last year.

BharatPe has filed civil and criminal suits against the Grovers and their family members in the Delhi High Court, seeking INR 88 Cr in damages over misappropriation of funds and reputational damage.

During the last hearing in the case, the Delhi High Court granted more time to the Grovers and their family members to file additional responses to the notices issued on a lawsuit filed by BharatPe.

Besides, the fintech major has also approached the Singapore International Arbitration Centre (SIAC) seeking to claw back Grover’s restricted shareholding in the company.

On the other hand, the Delhi High Court granted more time for Grover to file his response to Koladiya’s lawsuit and restricted him from creating any third-party rights or interests in the disputed shares.