bharatpe-cuts-ties-with-ashneer-grover-in-final-settlement

BharatPe cuts ties with Ashneer Grover in final settlement

Fintech company BharatPe on Monday said that its former co-founder Ashneer Grover will neither be associated with the company in any capacity nor be a part of its shareholding as part of a settlement agreement signed between them.

News Arena Network - New Delhi - UPDATED: September 30, 2024, 01:09 PM - 2 min read

BharatPe cuts ties with Ashneer Grover in final settlement

Ashneer Grover was removed from the position of Managing Director of BharatPe by the company's board in March 2022.

BharatPe announced on Monday that former co-founder Ashneer Grover will no longer have any association with the company, nor hold shares, following a settlement agreement.

Grover, who was removed as Managing Director by BharatPe’s board in March 2022, has since been engaged in legal disputes with the fintech company. In a statement, BharatPe confirmed that a "definitive agreement" had been reached with Grover.

“As part of the settlement, Mr Grover will not be associated with BharatPe in any capacity nor be a part of the shareholding of the company,” the statement read.

As per the agreement, some of Grover’s shares will be transferred to the Resilient Growth Trust for the benefit of the company, while the rest will be managed by his family trust.

“Both parties have decided not to pursue the cases filed. We wish Mr Grover well,” the company said, adding that BharatPe will continue focusing on "delivering industry-leading solutions" to its merchants and customers while driving growth with profitability.