Ashneer Grover, co-founder and former managing director of BharatPe, has withdrawn his petition from the National Company Law Tribunal (NCLT), where he had accused the company’s board of mismanagement and oppressive conduct, as per the PTI report.
Grover’s decision to withdraw the plea came after he reached a settlement with BharatPe on September 30, 2024. During the hearing, his counsel submitted the settlement agreement to the Delhi bench of the NCLT along with the withdrawal request, the report added.
The NCLT’s October 14, 2024, order confirmed the settlement, stating: “…during the pendency of the said petition, parties have arrived with settlement and also executed the settlement agreement dated September 30, 2024, a copy of which is placed on record… Liberty is granted to the applicant to withdraw the company petition… and the same is dismissed as withdrawn,” as quoted by PTI.
Separately, on October 17, Grover withdrew another plea from the National Company Law Appellate Tribunal (NCLAT). In that application, he had requested an early hearing of the NCLT case.
Grover’s original petition sought his reinstatement as managing director and demanded changes to the company’s board, which manages Resilient Innovations Pvt. Ltd., the parent company of BharatPe. He also requested the NCLT to inspect BharatPe’s operations through an audit by the Ministry of Corporate Affairs and revoke the dismissal of his wife, Madhuri Jain, from the company.
Settlement terms
Under the settlement terms, Grover will no longer hold any position in BharatPe nor retain any ownership in the company. Some of his shares will be transferred to the Resilient Growth Trust for the company’s benefit, while the rest will remain with his family trust, the PTI report added.
Grover was removed as managing director in March 2022, sparking a legal feud between him and the company that has lasted for over two years. The recent settlement puts an end to these disputes, as per the report.
