- ByStartupStory | February 13, 2024
Ashneer Grover, the beleaguered co-founder and former managing director of BharatPe, has reportedly filed a plea before the National Company Law Tribunal (NCLT) seeking a waiver over a previous petition alleging mismanagement at the company.
In December 2023, Grover filed a petition against the board of Resilient Innovations, BharatPe’s parent company, under sections 241 and 242 of the Companies Act 2013. However, section 244 of the Act requires shareholders with more than 10% shares to file such appeals. Grover is seeking a waiver from this requirement.
In response, the Delhi bench of NCLT issued a notice to BharatPe and other respondents, scheduling the next hearing for April. Grover’s petition alleges oppressive conduct and mismanagement by BharatPe’s board, seeking reinstatement as MD, declaring board changes illegal, and ordering an audit.
These developments follow reports of the Ministry of Corporate Affairs seeking information from BharatPe about legal proceedings against Grover. Grover and his wife are challenging a lookout circular issued against them in connection with an alleged cheating and forgery case involving fake bank transfers worth INR 56 Cr.
