BharatPe took legal action against co-founder Ashneer Grover, know what is the whole matter?
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India (BharatPe) The parent company of Resilient Innovations has taken legal action against co-founder Ashneer Grover. A fresh case has been filed in the Delhi High Court seeking an injunction to stop the disclosure of what it claims to be ‘confidential information’ related to it. The legal move comes after Grover, embroiled in several controversies, shared details on social media about the equity allotment and secondary components involved in BharatPe’s recent Series E funding round.
after this Resilient Innovations, parent company of fintech firm BharatPe, filed a fresh case in the Delhi High Court seeking an injunction, accusing Ashneer Grover of sharing ‘confidential information’ related to the company, according to a November 24 report in the Economic Times. .
The funding round, led by Tiger Global and with participation from Dragoneer Investor Group, raised $370 million and valued the fintech firm at $2.86 billion. BharatPe’s lawyer argued in court that Grover’s actions violated the obligations outlined in his employment agreement, claiming that he had disclosed confidential information about the company.While Grover has deleted the post, BharatPe argues that he continues to have company confidential information even after his resignation, thereby violating the terms of his employment agreement.
Justice Sachin Dutta presided over the recent hearing, during which Grover’s lawyer apologized on his behalf for the alleged breach of confidentiality. The court accepted the apology, but the issue of Grover still possessing classified information will be taken up in the upcoming hearing, ET reported.
This latest legal action is in addition to the ongoing civil suit filed by BharatPe against Grover and his family members. The lawsuit alleges embezzlement of funds and demands damages up to Rs 88.67 crore.
The legal battle between the parties also involves disagreements over Grover’s social media activity, prompting BharatPe to seek an injunction against the ‘unparliamentary language’ used by Grover in his online posts.
Grover along with his wife Madhuri Jain faced questioning by the Economic Offenses Wing (EOW) of Delhi Police earlier this week in connection with the alleged fraud case.
The police investigation revealed links between at least eight human resource consulting firms and relatives of Jain, Grover’s wife and BharatPe’s former controlling head.Last week, on the request of the EOW, the duo were stopped at Delhi’s Indira Gandhi International Airport on the basis of the Look-Out Circular (LOC) issued against them.
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