BharatPe has reached a definitive agreement with its former co-founder, Ashneer Grover.
As part of the settlement, Grover will not be associated with BharatPe in any capacity or be part of the company's shareholding.
Certain shares of Grover shall be transferred to the Resilient Growth Trust for the benefit of the company, and his family trust will manage his remaining shares.
Both parties have decided not to pursue the civil and criminal cases filed in multiple courts.
In a Twitter statement, Ashneer Grover wrote,
“I repose my faith in the management and board, who are doing great work in taking BharatPe forward in the right direction. I continue to remain aligned with the company's growth and success. I will no longer be associated with BharatPe in any capacity, nor will I be part of the capital table.”
Law firms Sim and San and Trilegal led the settlement discussions on behalf of BharatPe, along with BharatPe General Counsel Sumeet Singh.
The Sim and San team was led by Senior Partners Mohit Goel and Sidhant Goel, along with Managing Associate Deepankar Mishra and Senior Associate Aishna Jain who structured and drafted the settlement agreement and documents and led negotiations on behalf of BharatPe.
Another team of Sim And San, comprising Jytoika Jain, Principal Associate, Karmanya Dev Sharma, Senior Associate, and Aditya Maheshwari, Senior Associate, advised on the legal aspects of enforcing the structure.
Partners Anuj Berry and Sourabh Rath led the Trilegal team, which also included Counsel Bhargavi Vadeyar, Senior Associate Megha Janakiraman, and Associates Vibhore Yadav and Aparajito Sen. This team also handled the entire civil litigation.
Trilegal also advised Bharat Pe on the corporate law aspect through a team led by Partners Harsh Maggon, Ganesh Rao, Sneha Vardhan and Adhunika Premkumar along with Shubhaang Sinha (Counsel), Vinit Patwari (Counsel), Wamika Jha (Senior Associate), Vishesh Mehrotra (Senior Associate), Jessica Thakkar (Associate), Aman Jha (Associate), Divya Upreti (Associate), Vaishnavi Patel (Associate), Aditya Sarkar (Associate)
A team from Shardul Amarchand Mangaldas handled the matter before the Singapore International Arbitration Centre (SIAC) through a team led by Disputes Partner Tejas Karia along with Partner Aashish Gupta, Principal Associate, Krishna Tangirala and Chandni Ghatak, Senior Associate.
MZM Legal handled the criminal matters through a team led by Partners Zulfiquar Memon, Parvez Memon, Vivek Jain and Mrinal Bharti.
On behalf of Ashneer Grover, the settlement discussions were led by Advocates Giriraj Subramanium and Shonak Sharma.
Subramanium team also included Sidhant Juyal, Akhilesh Talluri and Veda Singh.
Ashneer Grover in SIAC was represented by the team led by Sarvada Legal, involving Atul Sharma, Abhishek Anand, and Rahul Kumar, along with Manini Brar.