Ashneer Grover moves NCLT, alleging mismanagement by BharatPe.

Ashneer Grover

The cofounder and former managing director of BharatPe, Ashneer Grover, has moved the NCLT, alleging oppressiveness and mismanagement by the board of the company Fintech.

In Grover’s petition, he has prayed for reinstating him as the managing director. He also declares the illegal changes made in the company’s management by changing the board of Resilient Innovations Pvt. Ltd. This company is doing business as BharatPe.

He even requested that NCLT conduct the inspection and the company’s audit under the Ministry of Corporate Affairs. Ashneer requested to revert any shares or ESOPs issued after his resignation in March 2022.

He even sought the revocation of the termination of Madhuri Jain, who is his wife, and termed it illegal. Ashneer Grover asked to remove any new members added to the board after his resignation.

Plus, he requested that NCLT direct the winding up of the company under the petition filed under Sections 241 and 242. This section is mentioned in the Companies Act 2013, which is related to oppression and mismanagement.

The hearing of Ashneer Grover’s plea 

The hearing of the plea by Ashneer Grover was done last week, on December 6. During the hearing, the counsel sought time to ponder upon the issues of maintainability to some further extent.

A two-member bench involves members such as Mahindra Khandelwal and Rahul Bhatnagar. Both of them were directed to list the entire matter in the upcoming year on January 11. On that day, the next hearing will be held.

Ashneer even submitted that he has a ‘prima facie’ case on merits along with the balance of convenience, which lies in his favor. However, by any chance, if the relief is not granted, then Ashneer is going to face irreparable harm, loss, and injury, according to the petition.

Also, in the petition Grover, he has mentioned around 12 respondents, which involve the company: Shasvar Nakrani, who is the founder; Chairman Rajnish Kumar, who is the former CEO; Sushil Sameer, who is the director; and various other directors along with Resilient Innovations officials.

The director’s voice and the biggest individual shareholder of BharatPe have been muffled in mismanaging the company’s affairs, according to Grover. Ashneer Grover even questioned the haste of the BharatPe management to raise arbitration at the SIAC, which is the Singapore International Arbitration Centre.

As per his submission, ‘The entire conduct of the board of directors of the company, from sending Ashneer on a temporary leave over some fabricated issue with no link to the company’s affairs to sending the petitioner on compulsory leave.

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