Former managing director of BharatPe, Ashneer Grover, has been sued by his former company’s second co-founder in Shashvat Nakrani over unpaid shares.
What Happened? Grover, of Shark Tank India acclaim, took to Twitter to post a photograph of himself prepped for a court appearance.
“If Cou,rt Look was a thing! Ab kya karein – the number of visits to court are tending towards number of airport visits,” said the former BharatPe MD poking fun at the number of lawsuits filed against him since his exit from the fintech giant.
The newest lawsuit accuses Grover of not paying the share prices sold to him back in 2018. In lieu of non-payment Nakrani wants the shares back.
According to a report by Mint, Nakrani and Bhavik Koladiya each owned 50% of the firm. Grover joined the firm as the third co-founder and a board member and purchased 3,192 shares from Nakrani (2,447 shares) and Koladiya (745 shares) for ₹10 apiece.
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After the share transfer, the shareholding pattern of BharatPe changed. Koladiya owned 42.5%, Grover had 31.9% and Nakrani owned 25.5%. As part of the transaction, Grover was to pay ₹24,470 to Nakrani and ₹7,450 to Koladiya.
The BharatPe saga so far: Koladiya, another co-founder, had slapped a lawsuit against Grover just over two months ago. Koladiya and Nakrani founded BharatPe in March 2018.
In his rebuttal to the first lawsuit filed by Koladia, Ashneer Grover accused the co-founder of data theft. The former BharatPe MD dubbed it as the ‘biggest data theft in India,’ an accusation Koladiya denied.
Cover image by Quick Spice on Flickr
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