Ashneer Grover withdraws oppression, mismanagement plea against BharatPe management from NCLT

Ashneer Grover, co-founder and former managing director of BharatPe, has withdrew his plea from the National Company Law Tribunal (NCLT), in which he had alleged oppressive conduct and mismanagement by the board of the fintech firm. 

The withdrawal of the plea from the NCLT's Delhi bench came after Grover reached a settlement with the company on September 30, 2024. A copy of the settlement agreement was also placed before the NCLT by the counsel appearing for Grover, who had filed an application for withdrawal of the petition. 

On October 17, Grover also withdrew a plea from the National Company Law Appellate Tribunal (NCLAT), where he had sought an early hearing of the case in NCLT. 

In his petition, Grover had sought his reinstatement as Managing Director of the company and the changes in the management of the company by altering the board of the Resilient Innovations Pvt Ltd, which is doing business as BharatPe, to be declared “illegal”. 

The former Shark Tank judge (season 1) had also requested the NCLT to order an inspection and audit of the company by the Ministry of Corporate Affairs and revocation of termination of his wife Madhuri Jain by the board of BharatPe. 

As per the settlement, the former co-founder will neither be associated with the company in any capacity nor be a part of its shareholding. 

“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. I will no longer be associated with BharatPe in any capacity, nor be part of the capital table...,” Grover said in a post on X (formally Twitter) on September 30. 

Grover was removed from the position of managing director of BharatPe by the company’s board in March 2022. Since then, both parties have been involved in legal disputes. 

Following the agreement, certain shares of Grover will be transferred to the Resilient Growth Trust for the benefit of the company and his remaining shares will be managed by his family trust. 

(With inputs from PTI)