New Delhi: There is no end to the BharatPe-Ashneer Grover saga. In a turn of events, Resilient Innovations which runs fintech firm BharatPe has filed a fresh petition in the Delhi High Court seeking an interim injunction on former MD and co-founder Ashneer Grover to restrain him from disclosing confidential information of the company in the public domain.
Last week, Grover took to social media platform X (formerly Twitter) to post about the company’s series E funding round which outlined details like the number of shares allocated to participating investors and the quantum of funds infused by individual investors into the startup. Company insiders said that Grover’s employment contract strictly barred him from sharing such details. The tweet has now been deleted. In its submission to the court on Friday, BharatPe said that “being disgruntled with his detention pursuant to an LOC (lookout circular) on 16th night (November 16),” Grover has violated his “confidentiality obligations under the employment agreement,” by publishing such information. Grover, the firm said, continues to retain the information despite resigning from the company.
BharatPe had bagged $370 million from investors in its series E round in 2021 at a valuation of $2.8 billion.
Making a strong case for an injunction, BharatPe’s counsel argued that Grover has a pattern of making defamatory statements on social media posts and therefore a mere undertaking from Grover’s counsel will not suffice. Grover’s counsel while apologising for his conduct and admitting that the same was posted “in error” said that Grover requires such information to defend himself in various proceedings against him including the ongoing criminal investigation by EOW (Economic Offences Wing). The matter may be taken up by the court again next week.
Grover and his wife Madhuri Jain were stopped from boarding a flight to New York from Delhi airport last week as they had a LOC issued against them in a case being investigated by the Delhi Police, TOI had reported. EOW had filed an FIR against the couple and some of their family members in May for alleged misappropriation of funds and causing losses worth Rs 81 crore to BharatPe. The complaint, filed by the company, alleged Grover and his family misused the firm’s fund through forged documents. It has been alleged that they were involved in criminal misappropriation of the company’s funds on the basis of various fabricated documents and resultant payments to non-existent firms, vendors and HR consultancy firms without rendering any services.
Last week, Grover took to social media platform X (formerly Twitter) to post about the company’s series E funding round which outlined details like the number of shares allocated to participating investors and the quantum of funds infused by individual investors into the startup. Company insiders said that Grover’s employment contract strictly barred him from sharing such details. The tweet has now been deleted. In its submission to the court on Friday, BharatPe said that “being disgruntled with his detention pursuant to an LOC (lookout circular) on 16th night (November 16),” Grover has violated his “confidentiality obligations under the employment agreement,” by publishing such information. Grover, the firm said, continues to retain the information despite resigning from the company.
BharatPe had bagged $370 million from investors in its series E round in 2021 at a valuation of $2.8 billion.
Making a strong case for an injunction, BharatPe’s counsel argued that Grover has a pattern of making defamatory statements on social media posts and therefore a mere undertaking from Grover’s counsel will not suffice. Grover’s counsel while apologising for his conduct and admitting that the same was posted “in error” said that Grover requires such information to defend himself in various proceedings against him including the ongoing criminal investigation by EOW (Economic Offences Wing). The matter may be taken up by the court again next week.
Grover and his wife Madhuri Jain were stopped from boarding a flight to New York from Delhi airport last week as they had a LOC issued against them in a case being investigated by the Delhi Police, TOI had reported. EOW had filed an FIR against the couple and some of their family members in May for alleged misappropriation of funds and causing losses worth Rs 81 crore to BharatPe. The complaint, filed by the company, alleged Grover and his family misused the firm’s fund through forged documents. It has been alleged that they were involved in criminal misappropriation of the company’s funds on the basis of various fabricated documents and resultant payments to non-existent firms, vendors and HR consultancy firms without rendering any services.