BharatPe Initiates Legal Action Against Ashneer Grover
In a dramatic turn of events, Resilient Innovations, the parent company of BharatPe Initiates Legal Action Against Ashneer Grover, co-founder.
The corporation launched a case before the Delhi High Court. Seeking an injunction to prevent the disclosure of what it claims to be ‘confidential information’ related to the fintech firm. This move follows Grover’s recent social media disclosures regarding the equity allocation. Also, secondary components of BharatPe’s Series E funding round, add to the ongoing controversies involving him.
A $370 million investment led by Tiger Global and Dragoneer Investor Group made BharatPe’s valuation shoot up to $2.86 billion. However, the celebration was short-lived, as Ashneer Grover took to social media to share specific details about the funding round. A move that has now led to legal consequences.
BharatPe argues that Grover’s actions violated the terms outlined in his employment agreement. Stating that he disclosed confidential information concerning the company. Despite Grover deleting the post, the company contends that he still possesses sensitive company information. Breaching the terms of his employment agreement, Justice Sachin Dutta presided over a recent hearing. Grover’s counsel issued an apology for the alleged breach of confidentiality.
This legal action is not isolated. It runs parallel to an ongoing civil suit initiated by BharatPe against Ashneer Grover and his family members. The suit alleges embezzlement of funds, seeking damages of up to Rs 88.67 crore. The legal dispute extends beyond financial matters, delving into disagreements over Grover’s conduct on social media.
BharatPe has taken additional steps to secure an injunction against the ‘unparliamentary language’ used by Grover in his online posts. The company aims to control the narrative surrounding the ongoing controversies, emphasizing the importance of maintaining a professional and respectful tone in public communications.
This week, Ashneer Grover, accompanied by his wife Madhuri Jain, faced questioning by the Delhi Police’s Economic Offences Wing concerning an alleged fraud case. The investigation revealed connections between several human resource consulting firms and relatives of Jain, who previously held a prominent position at BharatPe. The court accepted Grover’s apology for the breach of confidentiality, but the issue of his retaining confidential information remains to be addressed in upcoming hearings.
Former co-founder and managing director of BharatPe, Ashneer Grover, has embarked on a new entrepreneurial journey. With his recently established startup, Third Unicorn Private Ltd. Following his resignation from the fintech unicorn last year, Grover has kept the details of his new venture under wraps, leaving the nature of the products or services offered by Third Unicorn shrouded in mystery.
In a recent statement, the enterprising Grover shared insights about his latest entrepreneurial endeavor, extending an invitation for individuals to join him on this new startup adventure. The deliberate secrecy surrounding Third Unicorn has sparked curiosity within the business community and beyond, as observers eagerly await further revelations about Ashneer Grover’s latest venture.
BharatPe Initiates Legal Action Against Ashneer Grover continues to unfold, encompassing issues of confidentiality, embezzlement allegations, and disagreements over social media conduct. As both parties navigate the legal landscape, the outcome of the hearings will undoubtedly shape the future dynamics between one of India’s leading fintech firms and its co-founder.