Resilient Innovations, the parent entity of fintech startup BharatPe, has taken a legal turn in its ongoing feud with co-founder Ashneer Grover. The company has filed a case in the Delhi High Court against Grover, seeking an injunction to prevent him from disclosing what it deems to be ‘confidential information’ pertaining to the firm. This development was reported by The Economic Times.
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The legal remedy was sought following recent controversial posts by Grover on social media. Last week, Grover had posted on X platform (formerly Twitter) about the equity allocation and secondary components undertaken during the unicorn’s Series E funding round. The $370-million fundraise valued the payments and financial services fintech at $2.86 billion. Grover deleted the post later.
BharatPe’s counsel, in his argument, said that Grover’s actions breached obligations mentioned in his employment agreement, asserting that he revealed confidential information about the firm.
Grover’s decision to delete the posts later did not ease BharatPe’s concerns. The company claims that Grover, even after his resignation, possesses confidential company data, thereby potentially breaching his employment agreement terms.
A recent court hearing saw Justice Sachin Dutta accepting an apology from Grover’s counsel for the alleged confidentiality breach.
However, the issue of Grover having company’s confidential information will be taken up in future hearings, ET quoted sources as saying.
This adds another layer to the legal tussle between BharatPe and Grover. Additionally, a civil suit is also underway, with BharatPe suing Grover along with his family, seeking damages amounting to Rs 88.67 crore. BharatPe has accused Grover of embezzling funds – an allegation that further complicates the legal saga.
BharatPe is seeking an injunction against what it terms as ‘unparliamentary language’ used by Grover in his online posts, pointing to a newer front in their legal wrangle.
Grover, alongside his wife Madhuri Jain, also came under the police scanner facing intense inquiry from the Delhi Police’s Economic Offences Wing (EOW) regarding a supposed fraud case. The investigation unearthed connections between Jain and no less than eight HR consultancy firms. Jain, who earlier served as the Head of Controls at BharatPe, is suspected to have familial ties with these firms.
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The controversy culminated last week when the EOW’s look-out circular led to the couple’s detainment at Delhi’s Indira Gandhi International Airport, adding another twist to this rapidly unraveling saga.
