E-Paper
Will not create 3rd-party rights in shares, ex-BharatPe co-founder tells HC
Bhavik Koladiya, who founded the company with Shashvat Nakrani, moved the court seeking the return of his shares
Former BharatPe co-founder Ashneer Grover on Wednesday told the Delhi high court he would not create any third-party rights of 30% shares another former co-founder Bhavik Koladiya had in the fintech company.
Koladiya, who founded the company with Shashvat Nakrani, moved the court seeking the return of his shares. He was forced to give up the shares following his conviction in credit card fraud in the US.
Koladiya ran a grocery store in the US and accepted payments digitally without a license. He was jailed over identity theft and mail fraud. The legal proceedings ended after 22 months and Koladiya was fined $100 and deported to India in 2015.
Justice Prateek Jalan of the high court said Grover is bound by his pledge. He asked Grover to file an undertaking in this regard. “...Grover will, subject to further orders of the court, not create any third party interest in the suit shares and in any rights that accrue to him as a consequence thereof... [He]...is bound down to the said statement and is directed to file [an] undertaking to this effect within one week... Reply to the application within four weeks, rejoinder within two weeks thereafter,” the court said in an oral order.
The matter will be next heard on March 16.
Grover’s lawyer told the court his client’s wife transferred ₹8 crore into the bank account of Koladiya’a wife.
The judge said he has not seen the agreements in this regard yet. “For a prima facie case, I have to see the signed agreement. [The] Easiest thing for you to do is to show me proof of payment of shares.”
Koladiya’s lawyer, Mukul Rohatgi, argued his client does not have money and is entitled to get back the shares as BharatPe is an unlisted company.
