Ashneer Grover is now being sued by BharatPe co-founder Shashvat Nakrani over unpaid shares

Amrutha Pagad
Amrutha PagadMar 23, 2023 | 15:47

Ashneer Grover is now being sued by BharatPe co-founder Shashvat Nakrani over unpaid shares

Ashneer Grover is reportedly getting sued again. Photo: Twitter, DailyO

It seems like ousted BharatPe founder Ashneer Grover can't catch a break from all the lawsuits being thrown his way. In the latest, a second co-founder of fintech company BharatPe is also reportedly suing Ashneer Grover over "unpaid shares".

A report in Mint said that Shashvat Nakrani, co-founder of BharatPe, and who is still with the company, is set to sue Grover for not paying for the BharatPe shares he purchased from him. The report comes just one month after another BharatPe co-founder Bhavik Koladiya (no longer with the company) sued Grover to reclaim his shares. 


The saga of the shares

  • In March 2018, Shashvat Nakrani and Bhavik Koladiya founded BharatPe, with each owning 50% of the shares. 
  • Ashneer Grover joined BharatPe as a co-founder in July 2018. 
  • According to reports, Grover purchased 2,447 shares from Nakrani and 745 from Koladiya for Rs 10 each. 
  • Back then, Grover had to reportedly pay Rs 24,470 to Nakrani and Rs 7,450 to Koladiya. Nakrani's lawsuit says Grover did not pay him.

Now, the shares are worth much more.

After the stock split, the 2,447 shares are now 24,470 shares with each share valued at about Rs 4 lakh.
- Sources (Mint)

How Ashneer Grover reacted to the report

Grover quipped back asking whether lawsuits against him every week is a new product release.

He also seemed to portray a nonchalant outlook toward the number of lawsuits piling up against him.

The Koladiya case

  • There is a slight discrepancy here with regard to Bhavik Koladiya and Grover's case. Koladiya wants to reclaim his shares. 
  • Reportedly, Koladiya "transferred" his shares to Grover, Nakrani, and other stakeholders due to an earlier credit card fraud conviction in the US which would have hindered the fundraising process with investors. 
  • Koladiya claims these were his 'pledged shares' and were not 'sold'. When he triggered the agreement, Nakrani honoured the deal, but Grover did not. 
  • Grover claims that Koladiya sold the shares to him. 

The BharatPe case: 

BharatPe ousted Ashneer Grover as MD and his wife Madhuri Jain Grover as the as head of controls in 2022. The company is also claiming Rs 88 crore in damages from Grover, his wife, and other family members. They have accused Grover and his family of siphoning off company funds and creating fake vendor bills.

Last updated: March 23, 2023 | 15:49
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