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Business News/ Companies / News/  BharatPe files fresh case at Delhi HC against Ashneer Grover for sharing 'confidential information': Report
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BharatPe files fresh case at Delhi HC against Ashneer Grover for sharing 'confidential information': Report

Last week, BharatPe embattled cofounder Ashneer Grover had posted on X regarding the equity allocation and secondary components undertaken during the company’s Series E funding round.

Ashneer Grover, embattled Co-Founder, BharatPe Premium
Ashneer Grover, embattled Co-Founder, BharatPe

Accusing Ashneer Grover of sharing 'confidential information' relating to the company, fintech firm BharatPe's parent company Resilient Innovations filed a fresh case in the Delhi High Court seeking an injunction, Economic Times reported on 24 November.

Last week, BharatPe's embattled cofounder Ashneer Grover posted on X regarding the equity allocation and secondary components undertaken during the company’s Series E funding round.

It was led by Tiger Global and saw participation by the Dragoneer Investor group and others. The $370 million fundraising had valued BharatPe at $2.86 billion.

However, Grover later deleted the tweet.

What did BharatPe's counsel say?

On Friday, the issue was heard at the Delhi High Court – headed by Justice Sachin Dutta – where BhartPe's counsel senior advocate Akhil Sibal argued that Grover had violated his obligations under an employment agreement, as he put out confidential information relating to the company.

ALSO READ: Ashneer Grover compares Sam Altman's exit to his own, gets trolled

The counsel even argued that the BharatPe embattled co-founder, despite his resignation, holds confidential company information and is in violation of the company’s employment agreement, added the report.

What did Grover's counsel say?

In reply, Grover's counsel senior advocate Giriraj Subramanium submitted an apology to the court for his conduct, which was accepted. But, then argued that Grover required this information to defend himself against the various proceedings instituted against him.

Now the matter regarding Grover continuing to hold confidential company information will be heard on the next date of hearing.

According to the report, this is a new case, in addition to the civil suit filed by BharatPe’s parent at the Delhi High Court against Grover and his family members, where the firm is seeking up to 88.67 crore in damages for alleged embezzlement of funds.

Both BharatPe and Grover are at loggerheads over Grover’s social media activity. The firm had sought an injunction in that case too and cited the use of 'unparliamentary language' by Grover against the company in his posts.

Earlier this week, Grover also appeared in front of Delhi Police's Economic Offences Wing (EOW) for questioning in the alleged fraud case. This took place after a status report from the EOW showed eight human resource (HR) consultancy firms had links to relatives of Grover’s wife Madhuri Jain, who happened to be the former head of controls at BharatPe.

Lookout circular:

Based on a lookout circular (LoC) issued against them, both Grover and his wife Jain were also stopped at Delhi’s Indira Gandhi International Airport last week, while they were on their way to New York.

It is to be known that the lookout circular was issued against Grover and his wife at the request of the Delhi Police EOW, which is probing allegations of financial misconduct by the Grovers.

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Published: 24 Nov 2023, 03:04 PM IST
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