BharatPe, a Fintech company, announced on Monday that it had resolved its dispute with its former co-founder, Ashneer Grover, resulting in his disassociation from the firm in any capacity.

 “As part of the settlement, Mr Gover will not be associated with BharatPe in any capacity nor be a part of the shareholding of the company. 

Certain shares of Mr 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,” BharatPe said in an official statement. 

Additionally, BharatPe stated that both parties have agreed not to pursue the legal case and have chosen to drop the filed cases. They expressed good wishes for Mr. Grover. BharatPe remains committed to providing top-notch solutions to its merchants and customers, driving growth with profitability.

This development followed legal conflicts between BharatPe and Ashneer Grover. The company accused the former co-founder and his family members of diverting funds through fraudulent schemes from 2019 to 2021.

BharatPe alleged that Ashneer Grover and his family caused approximately Rs 81.3 crore in losses. The accusations included improper payments to fictitious HR consultants, inflated costs from affiliated vendors, fraudulent input tax credit transactions, unauthorized payments to travel agencies, fabricated invoices, and tampering with evidence.

In December 2022, BharatPe filed a criminal complaint against five individuals, including Ashneer Grover, his wife Madhuri Jain Grover, her brother Shwetank Jain, father Suresh Jain, and Deepak Gupta, seeking damages exceeding Rs 88.67 crore.

The former co-founder of BharatPe departed from the company in 2022, and Madhuri Grover, the former Head of Controls at BharatPe, was also terminated due to the fallout.

Earlier in September, the EOW detained Deepak Gupta, the former Head of Procurement at Resilient Innovation, the parent company of BharatPe. Deepak Gupta is Ashneer Grover’s brother-in-law. However, whether that be instigations will cease following the settlement remains uncertain.

In the meantime, after the settlement was announced today, Ashneer Grover stated that he continues to support the company’s growth and success and will no longer be affiliated with BharatPe.

In a post on X (formerly Twitter), Ashneer Grover said, “I have reached a decisive settlement with BharatPe.  I repose 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. I will no longer be associated with BharatPe in any capacity, nor be part of the capital table. My remaining shares will be managed by my Family Trust. Both parties have decided not to pursue cases filed. I hope BharatPe continues to grow and succeed for the benefit of all its stakeholders.”

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