The BharatPe saga refuses to end. In a latest development, the fintech major’s second co-founder Shashvat Nakrani has sued former Managing Director of the company, Ashneer Grover, over “unpaid shares.”
According to a report by Mint, BharatPe was started by Nakrani and Bhavik Koladiya in 2018. They owned 50 per cent each of the firm. Grover joined the firm as the third co-founder and a board member in the same year and purchased 3,192 shares from Nakrani (2,447 shares) and Koladiya (745 shares) for Rs 10 apiece.
Read More: US candidate for World Bank chief, Ajay Banga, to meet PM Modi, S Jaishankar in Delhi
After the share transfer, the shareholding pattern of BharatPe changed—Koladiya had 42.5 per cent, Grover (31.9 per cent) and Nakrani owned 25.5 per cent. As part of the transaction, Grover was to pay Rs 24,470 to Nakrani and Rs 7,450 to Koladiya. “In a lawsuit, Nakrani claims that Grover has not yet paid for the shares and, therefore, he is demanding his shares back,” one of the two people told Mint. “After the stock split, the 2,447 shares are now 24,470 shares with each share valued at about ₹4 lakh,” he added.
In January this year, Koladiya also dragged Grover and BharatPe to court to reclaim his shares in the company. Koladiya quit the company in August 2022.
Grover took to Twitter to call out the company. “I am a bit confused. As @bharatpeindia shareholder am I invested in a FinTech or Law Firm ? Also a new case against Ashneer Grover every week is a feature or product release ?!!” he posted on Twitter.
Read More: Rahul Gandhi Gets 2 Years in Jail for 2019 Defamation Case Over ‘Modi Surname’ Remarks; Granted Bail
He also posted a picture of him attending the court hearing on Thursday.
Business Today reached out to BharatPe for a response but failed to get one.
