3 min readSep 30, 2024 10:51 AM IST
First published on: Sep 30, 2024 at 10:14 AM IST
Fintech firm BharatPe has reached a settlement to end a long-standing dispute with its embattled former co-founder Ashneer Grover, marking a stop to a long drawn legal battle and public spats. As part of the settlement, Grover will not be associated with BharatPe in any capacity, and will not be part of the shareholding of the company.
“Certain shares of Mr. Grover shall be transferred to the Resilient Growth Trust for the benefit of the Company and his remaining shares will be managed by his family trust,” BharatPe said in a statement. Both parties have decided not to pursue their legal claims against each other.
The settlement comes after a close family member of Grover and his wife Madhuri Grover was recently arrested by the Economic Offences Wing (EOW) of Delhi Police in the case of alleged misappropriation of the fintech unicorn’s funds. It is unclear whether the settlement would stop the EOW’s investigation, however.
“I have reached a decisive settlement with BharatPe. I repose my faith in the management and board, who are doing great work in taking BharatPe forward in the right direction. I continue to remain aligned with the company’s growth and success…” Ashneer Grover said in a post on X.
The tussle between the two came to light last January shortly after an audio clip surfaced, in which Ashneer was purportedly heard using expletives against a Kotak Bank staffer. While he claimed that the audio clip was fake, the bank said it would take legal action over it.
Two weeks later, Ashneer went on voluntary leave of absence until March-end. This happened after an e-mail thread between Ashneer and Sequoia, BharatPe’s largest shareholder, highlighting differences between the two parties came to light. Meanwhile, Ashneer’s wife Madhuri Grover Jain was also sent on leave of absence.
Then, BharatPe called in independent auditors to look into the company’s practices under Grover. A preliminary report by A&M in February accused Madhuri of financial fraud. In February 2023, BharatPe sacked Madhuri on the charges of misappropriation of funds.
BharatPe lodged a criminal complaint against Grover and his family in December 2022, alleging fraud and seeking over Rs 88.67 crore in damages.
Almost five months after BharatPe submitted a criminal complaint, the Delhi Police EOW filed a first information report (FIR) against Grover, his wife Madhuri Jain, and other family members.
Last week, EOW of the Delhi Police arrested Deepak Gupta, a family member of Grover in connection with the misappropriation of the company’s funds.
Entrepreneur Ashneer Grover (File Photo) 
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