Delhi HC Summons Former Shashvat Nakrani

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The former managing director of BharatPe, a fintech startup, has been summoned by the Delhi High Court in connection with a suit filed by fellow cofounder Shashvat Nakrani to reclaim his shares. The court listed the matter for further consideration on March 28 and issued notice on Nakrani’s plea to file some documents in a sealed cover. The court previously issued summons to Grover, the ex-MD, in a similar case filed by third cofounder Bhavik Koladiya and barred Grover from creating any third-party rights over the shares. Nakrani’s lawyer argued that Grover’s claim that he had paid for the shares in cash was in dispute. The court noted that the case was filed five years after the shares were transferred.

It appears that there is an ongoing legal dispute between Nakrani and Grover regarding the ownership of shares, with Nakrani claiming that Grover failed to pay the required amount and therefore should return the shares in contention. The number of shares in question has apparently increased following a stock split and they are now valued at nearly INR 4 Lakh each. This is not the first time that Nakrani and Grover have been involved in public disputes. Grover has previously filed a perjury plea against Nakrani in a legal battle with BharatPe, and has also made allegations that Nakrani had requested help in not stopping his salary during a year-long absence from the office to complete his degree at IIT. The Grover couple is also reportedly facing multiple litigations, including an INR 89 Cr defamation case over allegations of misappropriation of funds. These legal battles have resulted in the ouster of Madhuri Jain Grover from her position of control and the subsequent resignation of Ashneer Grover.