The Delhi High Court has fined Ashneer Grover, the former Managing Director and co-founder of Bharat Pe, Rs 2 lakh for not following court orders about his social media posts against the company. Even though Grover promised the court he wouldn’t post such things, he shared details on social media about BharatPe’s recent Series E funding round, leading to legal action.
Resilient Innovations, BharatPe’s parent company, filed a new case seeking to stop disclosing what they claim is confidential information. The court, unhappy with Grover’s actions, imposed a fine for violating its orders and Grover also apologized formally.
The controversy goes beyond social media, with BharatPe pursuing a civil suit against Grover and family, alleging embezzlement of funds totaling Rs 88.67 crore. Last week, Grover and his wife, Madhuri Jain, were questioned by Delhi Police’s Economic Offences Wing about an alleged fraud case. The investigation found links between human resource consultancy firms and Jain’s relatives.
Grover’s troubles stem from his disclosures about BharatPe’s funding details. BharatPe’s legal team argued that this breached Grover’s employment agreement by revealing confidential information.
The court’s decision to fine Grover is a result of his repeated breaches, adding another layer to the ongoing legal battles. The case highlights the challenges individuals face in leadership roles when dealing with confidentiality issues and corporate disputes.
As BharatPe seeks legal action, the fines and apology in court by Grover signify a significant development in the unfolding drama around the fintech company and its co-founder. The legal battles, combined with claims of embezzlement, paint a complex picture of corporate turbulence within the fintech sector.
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