The Busy Brains
26 May 2023
BharatPe co-founder Ashneer Grover has complied with the Delhi High Court's directive to remove defamatory social media posts. The court had previously instructed both parties to refrain from using unparliamentary language.
BharatPe's co-founder, Ashneer Grover, has informed the Delhi High Court that he has taken down social media posts and statements that were deemed defamatory by the Gurgaon-based company. This action follows the court's instruction on May 16 for both BharatPe and Grover to abstain from using inappropriate language against each other.
Grover's legal representative stated in court that his client has removed the posts as requested and will adhere to the court's previous directive. Additionally, concerns raised by the Grover family regarding BharatPe's statement accusing them of fraud were addressed, and BharatPe's legal team assured the court that they would remove or modify the contentious statement.
Earlier this month, the Delhi Police's Economic Offences Wing (EOW) registered a First Information Report (FIR) against Grover, his wife Madhuri Jain, and other family members based on a complaint filed by BharatPe last year. The FIR alleges multiple criminal offenses, including criminal breach of trust, cheating, forgery, and using forged documents.
The defendants in BharatPe's lawsuit are Grover, Madhuri Jain (former head of controls at BharatPe), her brother Shwetank Jain, her sister's husband Deepak Gupta, and their father Suresh Jain. Gupta, who is also Grover's brother-in-law, previously held the position of head of administration at BharatPe.
In addition to the civil and criminal suits filed in the high court and the complaint with the EOW, BharatPe initiated arbitration proceedings with the Singapore International Arbitration Centre to recover Grover's restricted shareholding in the company. The company is seeking damages of Rs 88 crore from Grover and his family members through the civil suit and EOW complaint.
Grover resigned from BharatPe and its board on March 1, citing vilification and disrespectful treatment. BharatPe, however, claimed that Grover tendered his resignation after being informed of an upcoming board meeting that would discuss a report on his conduct prepared by consulting firm PwC. Since then, both parties have been engaged in a contentious legal battle.
In January of the previous year, BharatPe's board appointed independent auditors Alvarez & Marsal (A&M) and PricewaterhouseCoopers (PwC) following complaints from an internal whistle-blower regarding alleged financial malpractices and corporate misgovernance at the fintech firm.