BharatPe Goes The Arbitration Route To Claw Again Ashneer Grover's Shares

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BharatPe Goes The Arbitration Route To Claw Again Ashneer Grover's Shares
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BharatPe Goes The Arbitration Route To Claw Again Ashneer Grover's Shares
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BharatPe has accused Ashneer Grover of dishonest and embezzlement of funds.(File)

New Delhi:

Upping the ante, fintech unicorn BharatPe has filed an arbitration for clawing again former MD (Managing Director) and co-founder Ashneer Grover’s restricted shareholding and founder title, sources mentioned.

The arbitration was filed on Thursday underneath Singapore Worldwide Arbitration Centre (SIAC) guidelines, sources with direct information of the matter mentioned.

If reduction is granted, Ashneer Grover might lose his unvested shares and proper to make use of the founder title.

Ashneer Grover, who BharatPe has accused of dishonest and embezzlement of funds, holds about 8.5 per cent of the corporate. Of this, 1.4 per cent is just not vested.

The corporate didn’t instantly provide any remark.

The motion follows an in depth company governance assessment by the corporate’s board into allegations of lapses and misdoings in the course of the tenure of Ashneer Grover as managing director.

The arbitration proceedings have been initiated after Ashneer Grover refused to adjust to the shareholders’ settlement, sources mentioned with out elaborating.

That is BharatPe’s third authorized motion towards Ashneer Grover after a civil go well with on the Delhi Excessive Courtroom and prison criticism with the Financial Offences Wing.

BharatPe, within the go well with operating into 2,800 pages, alleged that Ashneer Grover, his spouse Madhuri Jain and different members of the family created faux payments, enlisted fictitious distributors to offer companies to the corporate, and overcharged the agency for recruitment. It’s searching for as much as Rs 88.67 crore in damages.

The company governance assessment by Alvarez and Marsal, Shardul Amarchand Mangaldas and PwC led to the ouster of Madhuri Jain, and Ashneer Grover resigning from the corporate and its board in March.

Sources mentioned the corporate had earlier despatched a authorized discover for clawback and has now initiated arbitration proceedings. Underneath the shareholder’s settlement, clawback of unvested shares may be triggered.

Ashneer Grover holds roughly 8.5 per cent stake in BharatPe, of which 1.4 per cent was not vested and launched on the date of his resignation.

In February, Ashneer Grover’s plea at SIAC (Singapore Worldwide Arbitration Centre) on the investigation towards him was rejected on all 5 grounds.

(Aside from the headline, this story has not been edited by NDTV employees and is revealed from a syndicated feed.)

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