PC: Fortune India
Indian fintech company BharatPe has agreed to a settlement with co-founder and former managing director Ashneer Grover, ending their six-month contention. The agreement ends the six-month tussle between the company and Grover, following which the latter has given his assent to a mutually agreed statement of settlement and future association.
According to a statement by BharatPe, the settlement terms include that Ashneer Grover would not work with the company again and would not have any equity stake in BharatPe. Part of the settlements involved transferring a portion of Grover’s shares into Resilient Growth Trust for the benefit of the company while the rest would fall into his family trust.
The agreement means both BharatPe and Ashneer Grover have moved away from the court cases initiated by both parties. Such mutual disengagement in pursuing the litigation cases would reflect intent for avoiding unnecessary conflicts and moving to the prospects of the company’s growth and success.
Commenting under a post that confirmed the settlement, Ashneer Grover echoed confidence in BharatPe’s management and board for steering the company in the right way. Grover reiterated his alignment with the growth trajectory of the company and wished BharatPe continued success in all its endeavors.
The feud between BharatPe and Ashneer Grover began in February 2022, which eventually prompted him to quit the platform in March 2022. Grover, later on, claimed the BharatPe stakeholders had hatched a conspiracy to oust him.
The row escalated when BharatPe moved a criminal complaint against Grover and his family for fraud and damages over Rs 88.67 crore. Complaints against Grover were filed in the following months by the co-founders Bhavik Koladiya and Shahvat Nakrani over a share dispute.
Being the subject of interest for the Delhi Police Economic Offences Wing, an FIR was filed against Grover, his wife Madhuri Jain, and their other relatives. The latest arrest by the EOW regarding the alleged misappropriation of funds against a close family member of Grover, Deepak Gupta, only further emphasized the stringency of the legal confrontation.
The friendly settlement between BharatPe and Ashneer Grover marks a point, ending all the rumination of a whole turbid season of law-based conflicts and allegations. It opens up the pathway for both parties to take their respective paths forward and opens up the lesson that conflict resolution and getting past the adversities are one of the best means for the greater good of the company and its stakeholders.
The chapter of discord between BharatPe and Ashneer Grover seems to have finally come to an end with this conclusion, a step towards closure and reconciliation with renewed focus, stability, and growth within the fintech domain.
