Technology

Delhi HC disposes of appeal against single judge's rejection of restraining order on BharatPe's Grover over unpaid shares (Lead)

The Delhi High Court disposes of BharatPe co-founder Shashvat Nakrani’s appeal against a single judge’s order with regards to unpaid shares. The case filed in connection with the claims of unpaid shares was expedited by the division bench and set to conclude within 8 weeks.

Shashvat Nakrani’s appeal against the single judge’s order refusing to grant a restraining order against BharatPe’s former Managing Director, Ashneer Grover, in connection with a case filed over unpaid shares was disposed of by the Delhi High Court. The division bench expedited the trial process but did not interfere with the single judge’s order.

Nakrani expressed relief at the trial being set to conclude within 8 weeks. He stated, “My team and I are prepared to re-argue all points presented after trial and stake again a legal claim for return of shares once the truth comes out. I would also like to clarify that no relief has been given to any of the involved parties.”

However, Grover expressed his delight in a now-deleted tweet, stating, “Another day – Another WIN in Court ! Nothing hits you like SUCCESS !! My shares in BharatPe worth ₹1,800 crores are mine.” Both parties await the trial proceedings, expressing confidence in the judiciary system.

During the hearing, the two sides came to a consensus that the appeal can be disposed of with directions to the single judge bench to expedite the trial. The bench asked the single judge to frame the issues on the next date of hearing, February 28.

Representing Nakrani, senior advocate Neeraj Kishan Kaul contended that the court has issued summons and directed Grover to not create any third-party rights in respect of the shares in BharatPe. However, Grover’s counsel, Giriraj Subramanium, stated that he has instructions not to make such a statement.

The case dates back to the founding of the fintech company in 2017 by Nakrani and co-founder Bhavik Koladiya, with Grover joining in 2018. Despite the disposal of Nakrani’s appeal, the legal battle over unpaid shares continues.

The High Court has been actively involved in issuing directions and orders to prevent the alienation or transfer of shares in question, emphasizing the need for a fair trial and resolution in this matter.

The anticipation and confidence shown by both parties reflect the seriousness of the pending legal battle and the significant financial stakes involved.

IANS

IANS, established in 1986, is India's largest independent news service, offering 24x7 news from India and South Asia, and a preferred source for diverse content across six business verticals.

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