In the quite long battle of saga, which reflected a rather dramatic courtroom, BharatPe said on Monday that it has entered an agreement with former co-founder Ashneer Grover. To recall, BharatPe had filed charges against Ashneer Grover along with his family members for alleged siphoning of funds worth Rs 88.67 crore.
The company, in a statement to IANS, said as part of settlement, Grover will not be associated with BharatPe in any capacity nor be part of shareholding of the company.
"The 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.
Both parties have agreed to withdraw the cases filed," BharatPe added in its statement.
"We wish Grover well. BharatPe continues to focus on delivering industry-leading solutions to its merchants and customers driving growth with profitability," the company further added.
Ashneer posted on X, "Have reached a decisive settlement with BharatPe. For all of you who still believe in the cause and feel wronged, we have lived up to every action we had undertaken.".
"I reposes 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," Ashneer said.
I am dissociating myself completely from BharatPe in any form, nor will I participate in the capital table in any way. All my remaining shares shall be handed over to my Family Trust. The parties have mutually decided not to pursue cases filed. Hope BharatPe moves ahead and grows for the good of all stakeholders," he posted.
It had sought damages amounting to Rs 88.67 crore from Ashneer, his wife, and his brother for alleged cheating and misappropriation of funds.
BharatPe had approached the high court months after the company had sacked Ashneer Grover and his wife, Madhuri Jain Grover, over alleged misappropriation of funds.
In one such development, last week, the Economic Offences Wing of the Delhi Police arrested Deepak Gupta, a family member of BharatPe co-founder Ashneer, in connection with the misappropriation of the company's funds. Deepak Gupta has been named in the FIR filed against Ashneer, his wife, and his family member in May 2023.
Earlier, another accused in the case, Amit Bansal, was also arrested by the EOW.
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