The complaint alleged that the board of directors at a fintech firm engaged in mismanagement and oppressive behaviors. Following an agreement reached between Grover, BharatPe, and BharatPe on September 30, 2020, Grover withdrew his complaint.
Ashneer Grover has decided to withdraw his complaint against BharatPe's board members for mismanagement and oppressive conduct from the National Company Law Tribunal, after reaching an agreement on September 30, 2020. Grover and BharatPe reached a settlement which resulted in his withdrawal of this claim on September 30, 2020.
Grover's lawyer presented a copy of their settlement agreement, and NCLT approved his withdrawal application, thus ending any legal battles initiated against BharatPe.
Grover initially filed his petition requesting to be reinstated as BharatPe's Managing Director and demanding changes within Resilient Technologies Pvt Ltd (which operates as BharatPe) by calling its changes to its board of directors "illegal."
Grover is best-known for his appearance on the first season of Shark Tank India and subsequently petitioning the National Company Law Tribunal (NCLT) for an inspection and audit by Ministry of Corporate Affairs to examine BharatPe's company. Furthermore, he demanded the reinstatement of Madhuri, whose termination by BharatPe was approved by its board.
Grover will no longer have any connection with BharatPe in any capacity; this includes holding no shares in the company.
Grover made his announcement via social media platform X. He wrote, "I have come to an amicable settlement with BharatPe. I trust in their board and management who do a wonderful job of steering the company in the right direction; and will continue supporting its growth and success." However, Grover will no longer be associated with BharatPe nor take part in its capital table.
Grover now has the option to transfer some of their shares to Resilient Growth Trust for mutual gain; their family trust will manage any remaining shares.
Since Grover was removed as Managing Director of BharatPe in March 2022 by its board following an internal investigation of allegations of financial misdeeds, his departure has caused considerable controversy. Grover is currently embroiled in legal battles regarding his role and shareholding in BharatPe.
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