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The long-standing legal conflict between BharatPe and its former co-founder, Ashneer Grover, has finally reached a resolution. The settlement agreement, announced on September 30, 2024, marks a decisive turning point for both parties, allowing them to move forward without the burden of ongoing litigation.
According to the terms of the agreement, Grover will sever all ties with BharatPe and relinquish any shareholding in the company. His remaining shares will be managed by his family trust, while some of his previously held shares will be transferred to the Resilient Growth Trust for the benefit of BharatPe. The settlement also includes a mutual agreement to drop all pending legal cases.
The resolution comes after a tumultuous period marked by allegations of financial misconduct against Grover and his family during his tenure at BharatPe. These accusations, which began following Grover's contentious exit from the company in 2022, included fraudulent payments to fictitious HR consultants, inflated vendor payments, and fabricated invoices.
The allegations led to investigations into BharatPe's financial practices, which further escalated when Deepak Gupta, the former Head of Procurement at BharatPe's parent company Resilient Innovation and a relative of Grover, was arrested by the Economic Offences Wing (EOW) of Delhi Police. Gupta is implicated in an ongoing Rs 81 crore fraud case.
Grover, in a post on the social media platform X, expressed his satisfaction with the settlement, stating that he reposes his faith in the management and board of BharatPe, who are working towards the company's growth. He also stated that he will no longer be associated with BharatPe in any capacity.
The settlement marks a significant step forward for both parties, allowing them to focus on their respective endeavors without the distraction of legal battles. It remains to be seen how this resolution will impact BharatPe's future trajectory, but it signals a fresh start for the company as it navigates its path to growth and success.
Source: Ashneer Grover settles legal dispute with BharatPe, ends all company ties