BharatPe settles with former co-founder Ashneer Grover; drops legal action

BharatPe announced on Monday that it had reached a settlement with former co-founder Ashneer Grover, who will no longer be associated with the company. “As part of the settlement, Grover will not be associated with BharatPe in any capacity nor be a part of the shareholding of the company,” the company said in an official statement. As part of the deal, some of Grover's shares will be transferred to the Resilient Growth Trust, while the rest will be managed by his family trust. Both BharatPe and Grover have agreed not to pursue any legal action as part of their settlement. “We wish Grover well. BharatPe continues to focus on delivering industry-leading solutions to its merchants and customers, driving growth with profitability,” the statement added. The case pertains to BharatPe’s allegations against Grover of misappropriation of funds. BharatPe accused Grover and his family of causing losses of about Rs 81.3 crore. The allegations include improper payments to fake HR consultants, inflated costs from connected vendors, fake input tax credit transactions, illegal payments to travel agencies, forged invoices, and destruction of evidence.