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

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

SUMMARY

Shashvat Nakrani’s move comes at a time when Bhavik Koladiya has also filed a case against Ashneer Grover over a share dispute

Nakrani has claimed that Grover didn’t pay for the BharatPe shares he bought from him and is now demanding the return of the shares

Ashneer and his wife Madhuri Jain Grover have their hands full with multiple lawsuits from BharatPe and the two original cofounders

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.

You have reached your limit of free stories
Become An Inc42 Plus Member

Become a Startup Insider in 2024 with Inc42 Plus. Join our exclusive community of 10,000+ founders, investors & operators and stay ahead in India’s startup & business economy.

2 YEAR PLAN
₹19999
₹7999
₹333/Month
Unlock 60% OFF
Cancel Anytime
1 YEAR PLAN
₹9999
₹4999
₹416/Month
Unlock 50% OFF
Cancel Anytime
Already A Member?
Discover Startups & Business Models

Unleash your potential by exploring unlimited articles, trackers, and playbooks. Identify the hottest startup deals, supercharge your innovation projects, and stay updated with expert curation.

Mexican Standoff At BharatPe: Now, Shashvat Nakrani Sues Ashneer Grover-Inc42 Media
How-To’s on Starting & Scaling Up

Empower yourself with comprehensive playbooks, expert analysis, and invaluable insights. Learn to validate ideas, acquire customers, secure funding, and navigate the journey to startup success.

Mexican Standoff At BharatPe: Now, Shashvat Nakrani Sues Ashneer Grover-Inc42 Media
Identify Trends & New Markets

Access 75+ in-depth reports on frontier industries. Gain exclusive market intelligence, understand market landscapes, and decode emerging trends to make informed decisions.

Mexican Standoff At BharatPe: Now, Shashvat Nakrani Sues Ashneer Grover-Inc42 Media
Track & Decode the Investment Landscape

Stay ahead with startup and funding trackers. Analyse investment strategies, profile successful investors, and keep track of upcoming funds, accelerators, and more.

Mexican Standoff At BharatPe: Now, Shashvat Nakrani Sues Ashneer Grover-Inc42 Media
Mexican Standoff At BharatPe: Now, Shashvat Nakrani Sues Ashneer Grover-Inc42 Media
You’re in Good company