Ashneer Grover has taken his case to the National Company Law Tribunal (NCLT) in a bid to be reinstated as the Managing Director of fintech firm BharatPe, as reported by Bar and Bench. Grover is also seeking a declaration asserting the illegality of management changes implemented by the company since his departure.
In addition to his request for reinstatement, Grover is urging the NCLT to reverse the termination of his wife, Madhuri Jain Grover, and issue directives to nullify any new shares issued by BharatPe since his resignation on March 1, 2022.
The matter was heard by a quorum consisting of judicial member Mahendra Khandelwal and technical member Rahul Bhatnagar on December 6.
BharatPe’s legal representation challenged the admissibility of the plea, contending that only a member holding more than 10% of the issued share capital could file a petition under Section 241 of the Companies Act, 2013, which deals with relief in cases of oppression. The counsel argued that this threshold had not been met in the current circumstances.
In response, Grover’s lawyer cited BharatPe’s Annual Report for the fiscal year 2021-22, asserting that the company’s total equity shares were 1,01,925, with Grover’s shareholding amounting to 43,877 shares, equivalent to 43%. BharatPe, however, argued that the 1,01,925 shares constituted only the equity shares issued by the company, and Grover’s shareholding in the issued shared capital was a mere 0.00013%.
The tribunal deferred the matter until January 11, 2024, allowing Grover’s counsel to make further submissions on the issue of the plea’s admissibility.
