India Post Daily

Ashneer Grover’s appeal is rejected by the SIAC panel; the BharatPe case is still pending

<p>Ashneer Grover’s appeal to the Singapore International Arbitration Centre’s (SIAC) jurisdiction over its authority to determine whether to reclaim his shares in the fintech startup BharatPe, which he co-founded, has been rejected.</p>
<p><img decoding=”async” class=”alignnone wp-image-500245″ src=”×500.jpg” alt=” ashneer grovers appeal is rejected by the siac panel the bharatpe case is still pe” width=”994″ height=”664″ title=”Ashneer Grover's appeal is rejected by the SIAC panel; the BharatPe case is still pending 12″ srcset=”×500.jpg 750w,×683.jpg 1024w,×512.jpg 768w, 1200w” sizes=”(max-width: 994px) 100vw, 994px” /></p>
<p>IANS was informed on Tuesday by those with knowledge of the issue that Grover’s motion for a stay of proceedings had also been rejected by the SIAC, and that the arbitration tribunal would still hear arguments in the BharatPe case.</p>
<p>Grover’s 1.4% stake in the firm was set to vest, but BharatPe filed an arbitration under the SIAC regulations in late 2022.</p>
<p>At that time, Grover owned 8.43% of the corporation, of which 1.4% is unvested.</p>
<p>Those with knowledge of the situation claim that Grover requested a halt of the Singapore tribunal’s proceedings due to his complaint being filed in the National Company Law Tribunal (NCLT) in Delhi.</p>
<p>Grover, a former managing director and co-founder of BharatPe, filed a complaint with the Capital NCLT against the fintech behemoth, citing “mismanagement and oppression within the company.”</p>
<p>Sources state that the SIAC has now issued a comprehensive ruling, dismissing his petitions and ruling that the tribunal is authorized to consider the company’s case and that the NCLT decision is irrelevant to the current dispute.</p>
<p>If the arbitration is accepted, Grover will forfeit his unvested shares and his ability to utilize the founder title.</p>
<p>Grover was hit with a Rs 2 lakh punishment by the Delhi High Court in November of last year for purportedly defamatory social media statements made against the fintech startup.</p>
<p>Following the filing of a FIR by the Delhi Police’s Economic Offences Wing (EOW) against Grover and his family, BharatPe filed a suit claiming that Grover had continued to tweet defamatory remarks.</p>
<p>BharatPe has filed a 2,800-page lawsuit against Grover, his wife Madhuri Jain Grover, and his brother, alleging financial theft and deception, seeking damages in the amount of Rs 88.67 crore.</p>
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