BharatPe and Ashneer Grover Reach Settlement
BharatPe has reached a definitive agreement with its former co-founder Ashneer Grover. As part of the settlement, Grover will no longer be associated with the fintech company in any capacity, nor will he hold any shares in the company. Certain shares of Grover will be transferred to the ‘Resilient Growth Trust’ for the benefit of BharatPe, while his remaining shares will be managed by his family trust.
In an official statement, BharatPe said, “Both parties have decided not to pursue the cases filed. We wish Mr. Grover well. BharatPe continues to focus on delivering industry-leading solutions to its merchants and customers, driving growth with profitability.”
Grover, who was removed from his position as Managing Director by the company’s board in March 2022, expressed his faith in BharatPe’s management and board. He wrote on X, “I continue to remain aligned with the company’s growth and success. I will no longer be associated with BharatPe in any capacity, nor be part of the capital table. My remaining shares will be managed by my Family Trust. Both parties have decided not to pursue cases filed. I hope BharatPe continues to grow and succeed for the benefit of all its stakeholders.”
Doubts Revealed
BharatPe -: BharatPe is an Indian company that helps small businesses accept payments from customers using their mobile phones.
Ashneer Grover -: Ashneer Grover is a businessman who helped start BharatPe. He used to work there but now he won’t be part of the company anymore.
Settlement -: A settlement is an agreement between two parties to resolve their differences without going to court.
Shares -: Shares are parts of a company that people can own. If you own shares, you own a small piece of the company.
Resilient Growth Trust -: The ‘Resilient Growth Trust’ is a special group that will manage some of the shares of BharatPe for the company’s benefit.
Family trust -: A family trust is a way to manage and protect family assets, like shares, for the benefit of family members.
Legal cases -: Legal cases are problems that people take to court to get resolved. In this case, BharatPe and Ashneer Grover decided not to take their problems to court.