BharatPe settles Rs 88-crore fund misappropriation case with Ashneer Grover

Grover will not be associated with BharatPe in any capacity nor be a part of the shareholding of the company, says fintech firm

New Delhi: After a long-standing and dramatic courtroom battle, BharatPe on Monday said it has arrived at an agreement with its former co-founder Ashneer Grover, who was charged, along with his family members, by the fintech company for alleged misappropriation of funds worth Rs 88.67 crore.

In a statement, the company said as part of the settlement, Grover will not be associated with BharatPe in any capacity, nor be a part of the shareholding of the company.

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“Certain shares of Grover shall be transferred to the Resilient Growth Trust for the benefit of the company and his remaining shares will be managed by his family trust,” said a company spokesperson.

BharatPe further added that both parties have decided not to pursue the cases filed. “We wish Grover well. BharatPe continues to focus on delivering industry-leading solutions to its merchants and customers driving growth with profitability,” the company added.

In a post on X, Ashneer said he has “reached a decisive settlement with BharatPe”. “I repose my faith in the management and board, who are doing great work in taking BharatPe forward in the right direction. I continue to remain aligned with the company’s growth and success,” he said.

“I will no longer be associated with BharatPe in any capacity, nor be part of the capital table. My remaining shares will be managed by my Family Trust. Both parties have decided not to pursue cases filed. I hope BharatPe continues to grow and succeed for the benefit of all its stakeholders,” he posted.

I have reached a decisive settlement with BharatPe. I repose my faith in the management and board, who are doing great work in taking BharatPe forward in the right direction. I continue to remain aligned with the company’s growth and
success. I will no longer be associated with… pic.twitter.com/gB3Pla5qQZ

— Ashneer Grover (@Ashneer_Grover) September 30, 2024

BharatPe had approached the High Court months after Ashneer Grover and his wife Madhuri Jain Grover were dismissed from the company over allegations of misappropriation of funds.

In its suit, running into 2,800 pages, BharatPe claimed damages worth Rs 88.67 crore from Ashneer, his wife and his brother for alleged cheating and misappropriation of funds.

Last week, the Economic Offences Wing (EOW) of the Delhi Police arrested Deepak Gupta, a family member of BharatPe co-founder Ashneer in connection with the misappropriation of company’s funds.

Deepak Gupta has been named in the FIR filed against Ashneer, his wife and their family member in May 2023.

Earlier, another accused in this case, Amit Bansal, was also arrested by the EOW.