Delhi High Court issues summons to Asheer Grover on BharatPe co-founder Shashvat Nakrani's suit over claims of unpaid shares

The Delhi High Court on Friday issued summons to Ashneer Grover, former Managing Director (MD) of fintech firm BharatPe, in a suit filed by the company's co-founder Shashvat Nakrani related to claims of unpaid shares. .Justice Sachin Datta has listed the case for further consideration on Tuesday, March 28 on the issue of interim relief sought by Nakrani. .Senior Advocate Neeraj Kishan Kaul appeared for Nakrani and argued that in a similar case filed by another co-founder Bhavik Koladiya, the Court has issued summons and asked Grover to not create any third-party rights over the shares. Kaul said it is Grover's stand he has paid for the shares in cash.As Kaul pressed for an interim order, the Court noted the suit was filed nearly five years after the shares were stated to have been transferred. Justice Datta asked Grover's counsel, Advocate Giriraj Subramanium, if he was ready to make a statement that no third-party rights would be created over the shares.Subramanium stated that he has instructions not to make such a statement. The Court then said that it will consider the case for interim relief on Tuesday. "Plaintiff has been heard at some length in the interim relief application. Counsel for the defendant says they don't want to file a response to the application. List on Tuesday for further arguments," the court ordered. The Court also issued notice on Nakrani's application seeking to file some documents in a sealed cover. .Nakrani is the second BharatPe founder to move court against Grover. Bhavik Koladiya's suit seeking to reclaim shares he transferred to his former colleague remains pending before another bench of the High Court. In January, the Court had issued summons to Grover over this suit. .Koladiya and Nakrani founded the fintech firm in 2017. In 2018, they started looking for a chief executive, after which Grover came on board.According to a news report in The Economic Times, Koladiya (the largest shareholder in the company) had to leave allegedly because his past conviction in the United States in a credit card fraud case was hindering talks with investors.The same ET report said that as he resigned, Koladiya transferred his shares to Grover, Nakrani and one Mansukhbhai Mohanbhai Nakrani, as well as some other early-stage and angel investors..Koladiya agreed to transfer 1,611 of his 2,900 shares (which are now 16,110 shares) to Grover by way of an agreement dated December 3, 2022. The consideration for the transfer of the 1,611 shares was approximately ₹88 lakh. He has claimed that till date, Grover has not paid the purchase consideration..Between February and early March 2022, Grover started claiming property in the 16,110 shares by publicly proclaiming himself to be the single largest shareholder of BharatPe. Grover refused to return Koladiya's shares when requested, prompting the latter to move the High Court.Now, 3.10% of the 8.43% shareholding of BharatPe, which Grover claims to be in his ownership, is subject to the outcome of this case..Nakrani was represented through Senior Advocate Neeraj Kishan Kaul along with advocates Raghvendra M Bajaj, Mohit Goel, Siddhant Goel, Garima Bajaj, Deepankar Mishra, Karmanya Dev Sharma, Nikhil Bamal and Karan Kumar.