Delhi High Court Orders Expeditious Trial Of Shashvat Nadkarni's Suit Against Ex-BharatPe MD Ashneer Grover Over Unpaid Shares

The Delhi High Court on Thursday ordered an expeditious trial of the suit filed by BharatPe's co-founder Shashvat Nakrani seeking to restrain the fintech company's former Managing Director Ashneer Grover from alienating, transferring, or creating any third-party rights in the “unpaid shares” bought from him.

A division bench of Justice Rajiv Shakdher and Justice Amit Bansal requested the single judge, before whom the matter is pending, to frame issues in the suit on February 28, the date fixed for the next hearing.

The court disposed of Nakrani's appeal against the single judge's order refusing to restrain Grover from creating any third-party rights in the unpaid shares. The single judge had rejected Nakrani's interim application in the suit.

After making submissions today, the counsel representing Nakrani and Grover told the court that the appeal could be disposed of by directing the single judge to expedite the trial.

The bench then disposed of the appeal and appointed a Local Commissioner for recording of evidence in the matter.

The single judge has been directed to endeavor to hear final submissions as early as possible after recording of evidence.

The fintech company was founded by Bhavik Koladiya in 2017 along with Shashvat Nakrani. Thereafter, Grover joined the company in 2018 as the third co-founder and managing director.

Last year, a similar suit was filed by Koladiya seeking to restrain Grover from creating any third-party rights in respect of his shares in BharatPe.

Grover had orally assured the court that he would not make any third-party interest in 16,110 shares transferred to him by Nadkarni and in any rights that accrue to him as a consequence thereof, subject to further judicial orders.

Shashvat Nakrani was represented by Mr. Mukul Rohatgi, Senior Advocate and Mr. Ankit Jain, Mr. Mohit Goel, Mr. Sidhant Goel along with the counsel on record Ms. Neha Jain. 

 Ashneer Grover was represented by Mr. Giriraj Subramanium and counsel on record Mr. Sidhant Juyal.

Title: Shashvat Nakrani v. Ashneer Grover

Citation: 2024 LiveLaw (Del) 197