BharatPe co-founder Ashneer Grover.
Credit: Twitter/@Ashneer_Grover
New Delhi: Ashneer Grover, co-founder and former managing director of BharatPe, withdrew his plea from the National Company Law Tribunal (NCLT), in which he had alleged oppressive conduct and mismanagement by the board of the fintech firm.
The withdrawal of the plea from the NCLT's Delhi bench came after Grover reached a settlement with the company on September 30, 2024.
A copy of the settlement agreement was also placed before the NCLT by the counsel appearing for Grover, who had filed an application for withdrawal of the petition.
"... during the pendency of the said petition, parties have arrived with settlement and also executed the settlement agreement dated September 30, 2024, a copy of which is placed on record and in view of the settlement applicant (who ispPetitioner in the main company petition) has sought liberty to withdraw the company petition," the NCLT order dated October 14, 2024, noted.
It further said: "Liberty is granted to the applicant to withdraw the company petition... and the same is dismissed as withdrawn. The present IA is disposed of."
Besides, on October 17, Grover also withdrew a plea from the National Company Law Appellate Tribunal (NCLAT), where he had sought an early hearing of the case in NCLT.
In his petition, Grover had sought his reinstatement as Managing Director of the company and the changes in the management of the company by altering the board of the Resilient Innovations Pvt Ltd, which is doing business as BharatPe, to be declared "illegal".
He had also requested the NCLT to order an inspection and audit of the company by the Ministry of Corporate Affairs and revocation of termination of his wife Madhuri Jain by the board of BharatPe.
As per the settlement, the former co-founder will neither be associated with the company in any capacity nor be a part of its shareholding.
Grover was removed from the position of managing director of BharatPe by the company's board in March 2022. Since then, both parties have been involved in legal disputes.
Following the agreement, certain shares of Grover will be transferred to the Resilient Growth Trust for the benefit of the company and his remaining shares will be managed by his family trust.