BharatPe has successfully reached a definitive settlement with its former co-founder, Ashneer Grover, effectively concluding years of legal disputes.
Under the terms of this agreement, Grover will sever all associations with BharatPe and relinquish any shareholding in the company.
The settlement marks a significant turning point for both parties, allowing them to move forward without the burden of ongoing litigation.
In an official statement, BharatPe confirmed that "Mr. Grover will not be associated with BharatPe in any capacity nor be a part of the shareholding of the company."
As part of the settlement, certain shares held by Grover will be transferred to the Resilient Growth Trust for the benefit of BharatPe, while his remaining shares will be managed by his family trust.
Both parties have also agreed to drop all pending legal cases against each other. The resolution comes after a tumultuous period marked by allegations of financial misconduct against Grover and his family during his tenure at BharatPe.
Accusations included fraudulent payments to fictitious HR consultants, inflated vendor payments, and fabricated invoices. Investigations into these alleged financial irregularities began following Grover's contentious exit from the company in 2022.
His wife, Madhuri Jain Grover, who was previously the Head of Controls at BharatPe, was also dismissed amid this fallout.The legal troubles escalated recently when Deepak Gupta, the former Head of Procurement at BharatPe's parent company Resilient Innovation and a relative of Grover, was arrested by the Economic Offences Wing (EOW) of Delhi Police.
Gupta is implicated in an ongoing Rs 81 crore fraud case that has led to multiple arrests and investigations into BharatPe’s financial practices.
In a post on social media platform X, Grover expressed his satisfaction with the settlement: “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," he added.
"My remaining shares will be managed by my Family Trust. Both parties have decided not to pursue cases filed. I hope BharatPe continues to grow and succeed for the benefit of all its stakeholders."
