Ashneer Grover, co-founder and former CEO of BharatPe, has withdrawn his petition before the National Company Law Tribunal (NCLT), where he accused the company’s board of mismanagement and oppressive conduct, according to the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 lawyer presented the settlement agreement to the Delhi NCLT bank along with the withdrawal request, the report added.
The NCLT order dated October 14, 2024 confirmed the agreement, stating: “…during the pendency of the said petition, the parties came with an agreement and also executed the settlement agreement dated September 30, 2024, a a copy of which is placed on record… The petitioner is granted freedom to withdraw the petition from the company… and the same is dismissed as withdrawn,” quoted by PTI.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 CEO and demanded changes to the board of directors of the company, which manages Resilient Innovations Pvt. Limited. Ltd., the parent company of BharatPe. He also asked 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 conditions
Under the terms of the agreement, Grover will no longer hold any position at BharatPe or retain any ownership in the company. Some of their shares will be transferred to the Resilient Growth Trust for the benefit of the company, while the rest will remain in the family trust, the PTI report added.
Grover was removed as CEO in March 2022, sparking a legal dispute between him and the company that has lasted more than two years. The recent agreement puts an end to these disputes, according to the report.
Disclaimer:
The information contained in this post is for general information purposes only. We make no representations or warranties of any kind, express or implied, about the completeness, accuracy, reliability, suitability or availability with respect to the website or the information, products, services, or related graphics contained on the post for any purpose.
We respect the intellectual property rights of content creators. If you are the owner of any material featured on our website and have concerns about its use, please contact us. We are committed to addressing any copyright issues promptly and will remove any material within 2 days of receiving a request from the rightful owner.