BharatPe Settles Dispute With Ashneer Grover, Drops Legal Action
Both parties decide to not pursue the case-filled and Ashneer will no longer be associated with the company
BharatPe and its former co-founder Ashneer Grover have agreed to settle the legal dispute. As per a statement by BharatPe, Ashneer will no longer be associated with the company. “Grover will not be associated with BharatPe in any capacity nor be a part of the shareholding of the company,” the company said in an official statement.
Some of Grover's shares will be transferred to the Resilient Growth Trust for company benefit, while his family trust will manage the rest, as per the deal. Both BharatPe and Grover have agreed not to pursue any legal action as part of their settlement.
“We wish Grover well. BharatPe continues to focus on delivering industry-leading solutions to its merchants and customers, driving growth with profitability,” the statement added.
This lawsuit concerns BharatPe's accusations of fund misappropriation against Grover. BharatPe charged Grover and his family with generating losses of around Rs 81.3 crore. Incorrect payments to fictitious HR consultants, inflated expenses from associated vendors, fraudulent input tax credit transactions, illicit payments to travel agencies, falsified invoices, and evidence deletion are among the charges.
The first information report (FIR) in the alleged Rs 81-crore fraud case was filed in May 2023. Deepak Gupta, Grover’s brother-in-law was named in this FIR, along with Grover and his wife, Madhuri Jain. In a recent development, on 20 September, the Economic Offences Wing (EOW) of Delhi Police has arrested Deepak Gupta.
