SIAC tribunal rules against Ashnejsonner Grover’s challenge in BharatPe case, allowing proceedings to continue

The Singapore International Arbitration Centre (SIAC) has dismissed Ashneer Grover’s challenge to its jurisdiction on deciding the claw back of his shares in BharatPe. Grover’s stay application was also dismissed, and proceedings will continue before the tribunal. Grover asked for a stay citing a case in the NCLT Delhi.

BharatPe had filed an arbitration under SIAC rules to restrict Grover from vesting his 1.4% shares in the company. Despite holding about 8.43% stake, 1.4% was unvested. Grover’s NCLT case against the fintech major alleged “oppression and mismanagement.”

The SIAC has rejected Grover’s applications, affirming jurisdiction over the case regardless of the NCLT filing. If the arbitration is granted, Grover will lose his unvested shares and founder title rights. In a separate development, the Delhi High Court fined Grover Rs 2 lakh for defamatory social media posts against BharatPe last year.

Following an FIR by Delhi Police’s EOW against Grover and family members, BharatPe filed for damages worth Rs 88.67 crore, alleging cheating and misappropriation of funds. The suit runs into 2,800 pages, reflecting the ongoing legal battles between the parties.