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Synopsis

On Wednesday, BharatPe’s Former Managing Director (MD) Ashneer Grover told Delhi High Court that he will not make any third-party rights in the 16,110 shares of the company until further order.

The court was hearing a suit filed by BhartPe’s co-founder Bhavik Koldiya seeking an ad-interim injunction restraining former MD Ashneer Grover from creating any third-party rights in the shares. Bhavik sought to reclaim his shares in the company, which are allegedly with Grover.

Justice Prateek Jalan issued summons to Ashneer Grover and fintech firm BharatPe and directed written statements to be filed within 30 days while ordering, “The 16,110 shares in the D2 company. D1 (Ashneer Grover) states he'll not create any third-party rights in the shares. D1 is bound to the aforesaid statement and directed to file an undertaking within 1-week from today. Reply be filed within 4 weeks and rejoinder 2 weeks after.”

Senior Advocate Mukul Rohatgi appeared for Bhavik Koldiya and sought an ad-interim injunction restraining Grover from creating third-party rights in the company shares. During the hearing, Rohatgi submitted that I (Koldiya) had agreed to share my shares, and it was founded by me and another person.

“My case is that the title deed was not passed to Grover and even in 2021, he on WhatsApp chats showed that the shares are mine. I am just asking for my goods back, which I had given”, he argued.

To this, the court asked, “What is the material to establish your case?”

Rohatgi replied that the transaction was without any consideration and referred to the Dec'18 agreement of sale. He added that Koldiya was the founder of the company, and he is entitled to get back his shares.

On being asked whether there is any settlement going on between the parties, Rohatgi said, “No! He has filed a suit against me. My client is gullible”.

Advocate Subramanian appearing for Grover contended, "I've paid Rs.8 crores in these shares". Referring to a mail, he said, "I'll tell where the confusion came from. There were two agreements. Page 6 which is the signed version is different from all the other pages and he took the page of the agreement signed by me (Grover) and attached it to the agreement signed with other investors”, he added.

To this, the court said, “Your allegation is of fraud that can be provided by trial or as the case may be otherwise. I haven't seen the agreement you're relying upon. We have to prima facie determine whether the property was passed or not.”

The single-judge bench said, “Until you show me something clear as to the payment made, I am willing to wait for your affidavit, or I can hold the case as both parties agree. Ask your clients. I can come to a conclusion and pass orders also.”

After taking instructions from Grover, his counsel agreed to not act till further orders and agreed to sign an undertaking regarding the same.

Taking note of the submissions, the court listed the matter for March 16, 2023.

According to news reports, Koladiya co-founded the fintech firm BharatPe, with Shashvat Nakrani, his schoolteacher's son, in 2017. In 2018, they began looking for a CEO for the company and eventually partnered with Grover.

Case Title: Bhavik Koladiya v. Ashneer Grover & Anr.