HC asks Ashneer Grover not to create third party rights in shares transferred by BharatPe cofounder
Delhi High Court on Tuesday asked payment app BharatPe's former MD Ashneer Grover not to transfer or create any third-party rights in the shares transferred to him by the company's co-founder Bhavik Koladiya. Justice Prateek Jalan passed the interim order on a lawsuit by Koladiya seeking to reclaim the shares he transferred to his erstwhile colleague. The judge opined that the plaintiff, Koladiya, made out a prima facie case for the grant of such an injunction as he would suffer irreparable loss and prejudice if third-party rights were created in the shares being claimed by him.
Elevate Your Tech Prowess with High-Value Skill Courses
Offering CollegeCourseWebsiteIndian School of BusinessISB Product ManagementVisitIIT DelhiIITD Certificate Programme in Data Science & Machine LearningVisitIIM LucknowIIML Executive Programme in FinTech, Banking & Applied Risk ManagementVisit«Defendant No.1 (Grover) is therefore restrained from transferring or creating any third-party rights in the Suit Shares, or any rights accrued or which may accrue to him as a consequence thereof, until the disposal of the suit,» the court in its order.
<div data-placement=«Mid Article Thumbnails» data-target_type=«mix» data-mode=«thumbnails-mid» style=«min-height:400px; margin-bottom:12px;» class=«wdt-taboola» id=«taboola-mid-article-thumbnails-109734916»>
«It is made clear that the observations and findings in this judgment have been recorded only for disposal of this application and are not intended to prejudice the parties at trial,» clarified the court.
Koladiya and Shashvat Nakrani founded BharatPe in July 2017, although the firm was not incorporated till March 2018. Grover had joined the company in June 2018 and resigned in March 2022.
Last
