Delhi HC summoned BharatPe’s Ex-MD Ashneer Grover & barred him from creating any third-party rights over shares

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Fintech startup BharatPe’s former managing director has been summoned by the Delhi High Court in connection with a suit filed by fellow cofounder Shashvat Nakrani to reclaim his shares.

The matter was scheduled for further consideration on March 28 by Justice Sachin Datta, who was hearing the petition. The court also issued a notice in response to Nakrani’s request to file some documents in a sealed cover.

In arguing for Nakrani, advocate Neeraj Kishan Kaul stated that the Court issued summons to Grover and barred the ex-MD from creating any third-party rights over the shares in a similar case filed by third cofounder Bhavik Koladiya.

Kaul, who is seeking an interim order in the case, stated that Grover’s position was that he paid for the shares in cash. The court noted that the case was filed five years after the shares in question were transferred as the proceedings progressed.

Following that, Justice Datta asked Grover’s solicitor, Giriraj Subramanium, if he planned to make a statement stating that no third-party rights would be created over the shares. Subramanium retorted that he was not authorised to make such a statement.

This comes a day after Shashvat Nakrani filed a court petition against Grover, seeking to reclaim his shares.

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We strive to uphold the highest ethical standards in all of our reporting and coverage. We StartupNews.fyi want to be transparent with our readers about any potential conflicts of interest that may arise in our work. It’s possible that some of the investors we feature may have connections to other businesses, including competitors or companies we write about. However, we want to assure our readers that this will not have any impact on the integrity or impartiality of our reporting. We are committed to delivering accurate, unbiased news and information to our audience, and we will continue to uphold our ethics and principles in all of our work. Thank you for your trust and support.

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Delhi HC summoned BharatPe’s Ex-MD Ashneer Grover & barred him from creating any third-party rights over shares

Fintech startup BharatPe’s former managing director has been summoned by the Delhi High Court in connection with a suit filed by fellow cofounder Shashvat Nakrani to reclaim his shares.

The matter was scheduled for further consideration on March 28 by Justice Sachin Datta, who was hearing the petition. The court also issued a notice in response to Nakrani’s request to file some documents in a sealed cover.

In arguing for Nakrani, advocate Neeraj Kishan Kaul stated that the Court issued summons to Grover and barred the ex-MD from creating any third-party rights over the shares in a similar case filed by third cofounder Bhavik Koladiya.

Kaul, who is seeking an interim order in the case, stated that Grover’s position was that he paid for the shares in cash. The court noted that the case was filed five years after the shares in question were transferred as the proceedings progressed.

Following that, Justice Datta asked Grover’s solicitor, Giriraj Subramanium, if he planned to make a statement stating that no third-party rights would be created over the shares. Subramanium retorted that he was not authorised to make such a statement.

This comes a day after Shashvat Nakrani filed a court petition against Grover, seeking to reclaim his shares.

Disclaimer

We strive to uphold the highest ethical standards in all of our reporting and coverage. We StartupNews.fyi want to be transparent with our readers about any potential conflicts of interest that may arise in our work. It’s possible that some of the investors we feature may have connections to other businesses, including competitors or companies we write about. However, we want to assure our readers that this will not have any impact on the integrity or impartiality of our reporting. We are committed to delivering accurate, unbiased news and information to our audience, and we will continue to uphold our ethics and principles in all of our work. Thank you for your trust and support.

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