The Delhi High Court Wednesday issued summons to cost app BharatPe’s former MD Ashneer Grover on a swimsuit by the corporate’s co-founder in search of to reclaim the shares he transferred to his erstwhile colleague.

Justice Prateek Jalan famous Grover’s counsel’s submission that he’ll file a reply to the swimsuit and never create any third occasion rights to the 16,110 shares in query.

“Defendant no. 1 (Grover) is bound down to this statement and is directed to file an undertaking in this regard within a week from today. Reply to the application be filed in four weeks and rejoinder in two weeks thereafter,” the excessive court docket mentioned.

It listed the swimsuit for additional listening to on March 16.

The excessive court docket was listening to a swimsuit filed by BharatPe co-founder Bhavik Koladiya which said that he had offered to Grover his 1,600 shares whose whole worth was round Rs 88 lakh however no cash was paid to him.

He mentioned the shares have now gone up to over 16,000 and the title needn’t cross to Grover. Koladiya mentioned he was asking for his items which he had given to be returned.

Koladiya, in an utility, sought an interim injunction restraining Grover from creating any third occasion rights within the shares that are material of the swimsuit.

However, Grover’s counsel alleged that the paperwork proven to the court docket had been false and fabricated and that his spouse had paid Rs eight crore to Koladiya’s spouse.

As the court docket requested why Koladiya gave away his shares, senior advocate Mukul Rohatgi, showing for Koladiya, mentioned he’s a gullible particular person.

In June final yr, Koladiya, who ran the fintech agency’s know-how and product divisions, had stepped down.

Koladiya and Shashvat Nakrani based BharatPe in July 2017, though the agency was not included until March 2018. Grover had joined the corporate in June 2018 and resigned in March 2022.

Last yr, the court docket had issued summonses to Ashneer Grover, his spouse and different defendants on one other swimsuit filed by the fintech agency, BharatPe, which has accused the couple of misappropriating funds. Grover had resigned from the corporate in whereas his spouse was faraway from her publish.

In the swimsuit, in addition to in search of to restrain the defendants from making defamatory statements, the corporate has additionally sought path for cost of over Rs 88.67 crore together with curiosity in direction of restoration of alleged misappropriated funds and damages brought about to the status of the agency.

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