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.