Tag: Ashneer

Delhi HC issues summons to Ashneer Grover in BharatPe co-founder’s case of unpaid shares

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New Delhi: The Delhi High Court on Friday issued summons to BharatPe’s former Managing Director Ashneer Grover in connection with a case filed by fintech company’s co-founder Shashvat Nakrani over claims of unpaid shares.
Representing Nakrani, senior advocate Neeraj Kishan Kaul contended that in case filed by co-founder Bhavik Koladiya on the same lines, the court has issued summons and has asked Grover to not create any third-party rights in respect of the shares in BharatPe.
The High Court had, on January 18, told Grover to file an undertaking in a week’s time and restraining him from creating any third-party rights over the shares.
Appearing before the bench of Justice Sachin Datta, Kaul said that it is Grover’s stand that he has paid for the shares in cash.
The court noted that the case was filed about five years after the shares were stated to have been transferred while Kaul argued for an interim relief.
Lawyer Giriraj Subramanium, Grover’s counsel, was questioned by Judge Datta if he was prepared to make a statement that no third-party rights would be created over the shares.
To this, Subramanium said that he has instructions not to make such a statement.
Justice Datta then listed the case for the next hearing on March 28, on the issue of interim relief sought by Nakrani.

“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 judge also issued notice on Nakrani’s application seeking to file some documents in a sealed cover.
Koladiya’s suit seeking to reclaim trasferred shares remains pending before another bench of the High Court.
In the Koladiya’s case, when the court had earlier asked Grover to not create any third-party rights over the shares, he had informed the court that subject to further directions from the court, he will not make any third-party interest in the 16,110 shares that Koladiya transferred to him and in any rights that accrue to him as a consequence thereof.
A single-bench judge Justice Prateek Jalan had ordered that Grover will be bound by his statement and directed him to file the undertaking.
The court had also served summonses on Grover and the fintech company, giving the former four weeks to respond to the application for an ad interim injunction and two weeks for a rejoinder to the same.
The bench had noted: “D1 (Grover) is bound to the aforesaid statement and is directed to file an undertaking to this effect within one week from today. Reply to application in four weeks, rejoinder in two weeks thereafter.”
Nakrani and Koladiya founded the fintech company in 2017. In 2018, Grover joined the company as the third co-founder.
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#Delhi #issues #summons #Ashneer #Grover #BharatPe #cofounders #case #unpaid #shares
( With inputs from www.siasat.com )

March 24, 2023
Top VC firms deeply concerned at SVB collapse, Ashneer offers a solution

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New Delhi: Top venture capitalist (VC) firms on Saturday issued a joint statement on the collapse of Silicon Valley Bank (SVB), one of the largest US banks serving the global startup community, saying they are “deeply disappointing and concerning”.
Hemant Taneja, investor and managing partner at General Catalyst, said in a tweet that several VC leaders like Accel, Khosla Ventures, Altimeter Capital, Lightspeed Venture Partners, Mayfield Fund, Ribbit Capital, Redpoint Ventures and others met to discuss the aftermath of SVB’s downfall.
“Silicon Valley Bank has been a trusted and long-time partner to the venture capital industry and our founders. For 40 years, it has been an important platform that played a pivotal role in serving the startup community and supporting the innovation economy in the US,” they said in a joint statement.
The VC leaders said that in the event that SVB were to be purchased and appropriately capitalised, “we would be strongly supportive and encourage our portfolio companies to resume their banking relationship with them”.
Ashneer Grover, former founder of BharatPe, took a dig at Taneja and other VC firms: “Bhai khareed lo fir investors mil ke. Uske liye bhi Founder dhoond rahe ho jo mehnat kare? Lagta hai PMC (Punjab and Maharashtra Cooperative Bank) ki tarah mujhe hi koodna padega bachane!”
Grover had claimed that the acquisition of the crisis-ridden Punjab and Maharashtra Cooperative Bank (PMC) by Centrum-BharatPe consortium was the “smartest corporate move in history”.
He further tweeted that “ebanks don’t get saved by passing these bureaucratic UN type joint resolutions by people with no intent to get their hands dirty. It requires intent and balls of steel”.
On Friday, the US Federal Deposit Insurance Corporation (FDIC) took control of the SVB’s $175 billion in customer deposits.

The bank’s collapse has left several startups, including in India, worried who have exposure to its investments and have active accounts in the bank.
Meanwhile, the top VC leaders told startup founders that now is the time to diversify not panic.
“SVB is a huge loss for our community. If everyone had moved 3-6 months cash out of SVB vs taking all out, SVB might still be standing. Now this is the move — don’t repeat yesterday. Not helpful to keep speculating and create more panic,” Taneja posted.
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#Top #firms #deeply #concerned #SVB #collapse #Ashneer #offers #solution
( With inputs from www.siasat.com )

March 11, 2023
BharatPe appoints 3 top executives amid legal battle with Ashneer

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New Delhi: IPO-bound fintech platform BharatPe on Tuesday announced three key appointments, along with hiring Ambuj Bhalla as its Chief Information Security Officer (CISO), as it fights a legal battle with former Co-founder Ashneer Grover in the Delhi High Court.
BharatPe also announced the appointment of Rahul Bhatia as Head of Internal Audit and Ravinder Oberoi as Head of Compliance.
“As we focus on getting IPO ready, it becomes essential for us to ensure that data privacy, cyber security, corporate governance and compliance are given the highest priority,” said Shashvat Nakrani, Co-Founder, BharatPe.
“I look forward to collaborating with all the three leaders as we build BharatPe as a brand trusted by millions across the country,” he added.
Bhalla has close to two decades of experience with brands like IndiGo Airlines, Reserve Bank Information Technology (ReBIT) and Bharti Airtel, with a strong focus on information security, as well as data privacy and protection.
Bhatia has about 17 years of experience in the domain of governance, risk and compliance (GRC) in the financial services sector while Oberoi is an industry veteran with close to 23 years of experience in financial services, banking as well as insurance companies.
Founded in 2018, BharatPe is currently serving 1 crore merchants across more than 400 cities.
The company is a leader in UPI offline transactions, processing over 18 crore UPI transactions per month (with an annualized transaction processed value of over $24 billion in payments).

The company has facilitated the disbursement of loans close to Rs 8,500 crore to over 450,000 merchants.
The fintech platform also received in-principle authorisation from the Reserve Bank of India (RBI) to operate as an online Payment Aggregator (PA).
Currently, the company is involved in a legal battle with its former Co-founder and managing director Grover, after suing him and his family for allegedly siphoning off company funds worth Rs 88.6 crore.
The Delhi High Court this month asked Grover’s counsel to advise his client (Grover) to maintain decorum following his termination from the fintech company while hearing a plea filed by the company seeking orders to restrain Grover and his kin from making defamatory statements against the company, and other reliefs.
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#BharatPe #appoints #top #executives #legal #battle #Ashneer
( With inputs from www.siasat.com )

January 24, 2023