Ashneer Grover approaches NCLT seeking reinstatement as BharatPe MD

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Ashneer Grover, co-founder of BharatPe

Ashneer Grover has approached the National Company Law Tribunal (NCLT) seeking his reinstatement as Managing Director of fintech firm BharatPe, reported Bar and Bench. Grover has also requested for a declaration that the changes made to the company’s management since his departure are illegal.


He further sought the revocation of the termination of his wife, Madhuri Jain Grover and directions to revert any new shares issued by the firm since his resignation on March 1, 2022.


A quorum of judicial member Mahendra Khandelwal and technical member Rahul Bhatnagar heard the matter on December 6.


Counsel appearing for BharatPe challenged the maintainability of the plea, arguing that only a member who held more than 10 per cent of the issued share capital of the company could file a petition under Section 241 of the Companies Act, 2013 (application to Tribunal for relief in cases of oppression). He stated that this was not met in the current situation.


Grover’s lawyer countered that according to BharatPe’s own Annual Report for the fiscal year 2021-22, the total equity shares of the company were 1,01,925, out of which Grover’s shareholding was 43,877 (43 per cent).


BharatPe contended that the 1,01,925 shares only constituted the equity shares issued by the company and that Grover’s shareholding in the issued shared capital was only 0.00013 per cent.


The tribunal deferred the matter till January 11, 2024, when Grover’s counsel will make further submissions on the issue of maintainability.

First Published: Dec 12 2023 | 5:17 PM IST