Law Insider India

Legal News, Current Trends and Legal Insight | Supreme Court of India and High Courts

Delhi High Court issues Summons to Ashneer Grover over Shares transfer

2 min read
ashneer grover Law Insider

LI Network

Published on: 18 January 2023 at 17:11 IST

Today Delhi High Court issued summons to Ashneer Grover on a suit by the company’s co-founder seeking to reclaim the shares he transferred to his erstwhile colleague.

Delhi High Court Bench Justice Prateek Jalan said, “Defendant no. 1 (Grover) is bound down to this statement and is directed to file an undertaking in this regard within a week from today. Reply to the application be filed in four weeks and rejoinder in two weeks thereafter,”.

The high court was hearing a suit filed by BharatPe co-founder Bhavik Koladiya which stated that he had sold to Mr Grover his 1,600 shares whose total value was around ₹ 88 lakh but no money was paid to him.

He said the shares have now gone up to over 16,000 and the title need not pass to Mr Grover. Mr Koladiya said he was asking for his goods which he had given to be returned.

Mr Koladiya, in an application, sought an interim injunction restraining Mr Grover from creating any third party rights in the shares which are subject matter of the suit.

However, Mr Grover’s counsel alleged that the documents shown to the court were false and fabricated and that his wife had paid ₹ 8 crore to Mr Koladiya’s wife.

As the court asked why Mr Koladiya gave away his shares, senior advocate Mukul Rohatgi, appearing for Mr Koladiya, said he is a gullible person.

In June last year, Mr Koladiya, who ran the fintech firm’s technology and product divisions, had stepped down.

Mr Koladiya and Shashvat Nakrani founded BharatPe in July 2017, although the firm was not incorporated till March 2018. Mr Grover had joined the company in June 2018 and resigned in March 2022.

Previously, Court had issued summonses to Ashneer Grover and other defendants on another suit filed by the fintech firm, BharatPe, for misappropriating funds.

In the suit, besides seeking to restrain the defendants from making defamatory statements, the company has also sought direction for payment of over ₹ 88.67 crore along with interest towards recovery of alleged misappropriated funds and damages caused to the reputation of the firm.

The matter is listed for further hearing on March 16.