• Source:JND
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BharaPe, a leading digital payment aggregator, has reached a binding agreement with its former co-founder Ashneer Grover, and as part of the settlement, Grover will not be involved with the fintech company in any capacity and will not be a part of the company’s shareholding. Some of Grover’s shares will be transferred to a ‘resilient growth trust’ for the benefit of the company and his remaining shares will be managed by his family trust, BharatP said in an official statement on Monday.

Both parties have decided to proceed with the filings. We wish Mr. Grover all the best, BharatPe remains focused on providing industry-leading solutions to merchants and customers to drive growth profitably, BharatPe said in a statement. The two sides reportedly had a legal dispute in March 2022 after the company’s board removed Grover from his position as managing director.

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Ashneer Grover took X and said he reposes his 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 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 the cases filed. I hope BharatPe continues to grow and succeed for the benefit of all its stakeholders," the X post added.

BharatPe approached the High Court a few months after Ashwanir Grover and his wife Madhuri Jain Grover were fired from the company for alleged embezzlement. In the 2,800-page lawsuit, BharatPay sought Rs 88.67 crore in damages from Ashwani and his brother for alleged fraud and embezzlement.

Last week, the Economic Offenses Wing of the Delhi Police arrested Deepak Gupta, a relative of BharatPe co-founder Ashneer, in connection with the embezzlement of company funds. Deepak Gupta has been named in the FIR filed against Ashwanir, his wife, and their family members in May 2023. Previously, Amit Bansal, another accused in the case, was arrested by the EOW.

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(With Agencies Input)