BharatPe files for arbitration at SIAC to restrict Ashneer Grover’s unvested 1.4% shares, claims report

Fintech unicorn BharatPe has filed an arbitration under the Singapore International Arbitration Centre (SIAC) rules to restrict Ashneer Grover from vesting his 1.4 per cent shares in the company, according to a report by CNBC. This is the third action taken by the company after filing a civil case at the Delhi High Court and a criminal complaint with the Economic Offenses Wing. 
 
Ashneer Grover holds about 8.43 per cent stake in the company of which 1.4 per cent is unvested. The report revealed that BharatPe initiated the arbitration after Grover failed to comply with the shareholders' agreement. In addition, Grover lost the plea he had filed against the company at SIAC in February.
 
The company has also sent a legal notice to Grover urging him to transfer the unvested shares. The company has demanded over Rs 88.67 crore from the Grovers. In addition, as per the interim relief the company has sought, it has also demanded disclosure of assets of Grover and his family members, restraining them from posting any derogatory material on social media, and the permission to approach all media houses to remove or delete any material which is against the company.
 
Additionally, the Delhi High Court has issued notice and summons to the couple and other family members to restrain them from making defamatory statements against the fintech company. It also issued summons to Grover’s father, his brother-in-law, and his brother. Justice Navin Chawla gave the Grovers two weeks' time to file replies to BharatPe's petition. The matter has been listed for January 9, 2023.
 
Business Today reached out to the BharatPe but they declined to comment. 

Also Read: BharatPe initiates criminal proceedings against Ashneer Grover & wife, claims Rs 88.6 crore

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