As part of the settlement, Grover will neither be associated with the company in any capacity nor be a part of its shareholding as part of a settlement agreement signed between them, BharatPe said in a statement.
Part of the shares held by Grover will be transferred to the Resilient Growth Trust for the benefit of the company and remaining shares will be managed by his family trust.
Confirming the development, Grover said in a statement, “I will no longer be associated with BharatPe in any capacity, nor be part of the capital table. My remaining shares will be managed by my Family Trust. Both parties have decided not to pursue the cases filed. I hope BharatPe continues to grow and succeed for the benefit of all its stakeholders.”
Grover was removed from the position of managing director by the company’s board in March 2022. Since then, both parties have been involved in ongoing legal disputes.
A timeline of events since January 2022:
Discover the stories of your interest
January 2022Expletive-ridden audio clip leaks, allegedly featuring Grover and a Kotak Bank employee
Grover goes on ‘voluntary’ leave until March-end
BharatPe board announces independent audit
February
Preliminary investigation report links Grover’s wife Madhuri Jain with financial fraud
BharatPe sacks Jain on charges of misappropriation of funds
Grover’s emergency plea against BharatPe governance review rejected by SIAC
March
Grover resigns from BharatPe
December
BharatPe files criminal suit in Delhi HC against Grover, family members
Fintech unicorn also files criminal complaint against Grovers with EOW of Delhi police
In a third legal action, BharatPe approaches SIAC to claw back Grover’s restricted shareholding
January 2023
BharatPe original cofounder Bhavik Koladiya files suit to regain shares from Grover
March
BharatPe cofounder Shashvat Nakrani sues Ashneer Grover over unpaid shares
Delhi HC refuses Grover’s request to lift injunction restraining him from creating third-party rights on Koladiya’s disputed shares
May
EOW lodges FIR against Grover and family members basis BharatPe’s complaint
June
Delhi HC refuses to stay EOW probe against Grover and his wife Jain
November
EOW, in a status report, states that HR consultancies were established to siphon funds from the fintech unicorn
LoC circular issued against Grover and Jain; couple stopped from flying out at Delhi airport
December
Delhi HC dismisses interim plea by BharatPe cofounder Shashvat Nakrani to stop Grover from selling the shares he had transferred to the latter
January 2024
Chief executive Suhail Sameer steps down, chief financial officer Nalin Negi named interim CEO
February
BharatPe gets fresh notice from the Ministry of Corporate Affairs, seeking details about its working and the proceedings it had initiated against Grover
April
BharatPe elevates Nalin Negi as its chief executive officer
Delhi HC asks Grover not to transfer or create any third-party rights in the shares transferred to him by Koladiya
May
Delhi HC asks Grover and Jain to furnish a security of Rs 80 crore by way of property before travelling to the US
August
Delhi High Court appoints a sole arbitrator to decide the ongoing dispute between BharatPe and Grover
September
Delhi Police EOW arrests Deepak Gupta, brother-in-law of Grover, in connection with the alleged misappropriation of funds
BharatPe and Grover settle all disputes and agree not to pursue the cases
