The Delhi High Court (HC) refused to grant relief to former BharatPe MD and cofounder Ashneer Grover in the share dispute case with BharatPe cofounder and OTPLess CEO Bhavik Koladiya on Thursday (March 16).
Grover had asked for the injunction to be lifted, which barred him from acquiring any third-party interest in the 16,110 BharatPe shares in question, as well as any rights that might accrue to him as a result. According to Inc42 sources, the HC denied the request.
Koladiya filed a lawsuit against Grover over a share dispute dating back to March 2022, when Grover resigned from BharatPe.
On January 17, Koladiya filed a case in the High Court against Grover to recover BharatPe shares that he had been holding for the cofounder since at least 2019. During the January court proceedings, the former BharatPe MD’s counsel stated in court that Grover’s wife paid INR 8 Cr to Koladiya’s wife, a portion of which was supposed to be used to pay for shares.
Senior advocate Mukul Rohtagi, who represents Koladiya, referred to a December 2018 agreement for sale, adding that the title has not passed to Grover because the transaction was never completed. “What has happened is a transaction without consideration,” said Rohtagi.
On the other hand, Grover’s counsel, referring to an email, said that he has shown prima facie that there were two agreements. Grover’s counsel added that one agreement was taken by Koladiya and attached to the agreement he signed with other investors.
