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Fintech company BharatPe on Monday said that its former co-founder Ashneer Grover will neither be associated with the company in any capacity nor be a part of its shareholding as part of a settlement agreement signed between them.
Grover was removed from the position of Managing Director of BharatPe by the company's board in March 2022. Since then, both parties have been involved in ongoing legal disputes.
"BharatPe has reached a definitive agreement with its former co-founder Ashneer Grover. As part of the settlement, Mr. Grover will not be associated with BharatPe in any capacity nor be a part of the shareholding of the company," BharatPe said in a statement.
Following the agreement, certain shares of Grover will be transferred to the Resilient Growth Trust for the benefit of the company and his remaining shares will be managed by his family trust.
"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," the statement said.
In a post on social media platform X, Grover said, “I have reached a decisive settlement with BharatPe. I repose my faith in the management and board, who are doing great work in taking BharatPe forward in the right direction.”
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