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Fintech major BharatPe has filed arbitration to clawback former MD and cofounder Ashneer Grover’s restricted shareholding (1.4 per cent) and founder title, according to two sources close to the matter.
The arbitration was filed under Singapore International Arbitration Centre (SIAC) rules on December 8. This may result in Ashneer losing his unvested shares and right to use the founder title.
One of the sources quoted above, said “according to BharatPe shareholder’s agreement, clawback of unvested shares (which is 1.4 per cent) can be triggered. BharatPe had earlier sent Grover a legal notice for clawback and has now initiated arbitration proceedings.”
Grover holds about 8.5 per cent stake in BharatPe, of which 1.4 per cent was not vested and released on the date of his resignation. BharatPe spokesperson denied comments on the development. businessline messages sent to Ashneer Grover were unanswered till the time of going to press.
This is the third legal action initiated by BharatPe after filing a civil suit in the Delhi High Court and criminal complaint with the Economic Offences Wing earlier this week. BharatPe has filed a criminal case against former MD and co-founder Ashneer Grover and his wife Madhuri Jain and three other family members- Madhuri’s brother Shwetank Jain, father Suresh Jain and her brother-in-law Deepak Gupta.
The company has sought ₹88.6 crore in damages from the accused; this includes a monetary loss of ₹83 crore allegedly incurred by the company because of the misappropriation of funds and ₹5 crore for the loss and injury caused to the brand and applicable taxes.
In a court hearing on Thursday, the Delhi High Court asked Grover and the four other accused to respond in two weeks’ time. The next hearing is scheduled for January 9, 2023. BharatPe has also filed a complaint with the Economic Offences Wings (EOW), which can result in a maximum of 10 years’ imprisonment for the accused, if found guilty.
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