Bhavik Koladiya vs Ashneer Grover: Delhi HC issues summons to Grover

The Delhi excessive courtroom docket on Wednesday issued summons to former coping with director Ashneer Grover and BharatPe as a part of a lawsuit filed via way of means of founder Bhavik Koladiya in search of to reclaim stocks transferred to Grover.

During an hour-lengthy hearing, justice Prateek Jalan directed Grover now no longer to create third-birthday birthday celebration rights over the sixteen,one hundred ten stocks in query till similarly orders.

“The defendant No. 1 (Ashneer Grover) certain right all the way down to the stated announcement and is directed to document project to this impact inside one week from today. Reply to the software inside 4 weeks, rejoinder inside weeks thereafter,” the courtroom docket stated in its order.

Senior suggest Mukul Rohatgi, performing for Koladiya, sought an period in-between injunction restraining Grover from growing any third-birthday birthday celebration rights withinside the stocks that are the challenge of the lawsuit.

On three December 2018, Koladiya had agreed to promote 1,611 stocks really well worth around ₹87 lakh, Rohatgi stated regarding an settlement of sale. “The stocks have now grow to be 16110. I am requesting my items again which I actually have given…What has took place is, a transaction with out attention.”

Rohatgi endured that Koladiya become withinside the function of an unpaid supplier in the which means of Sale of Goods Act. “Why did he (Koladiya) deliver his stocks?” the courtroom docket requested.

“I’ve executed whatever. My consumer become gullible. There are gullible people, what can I say?” Rohatgi replied. “The reality of the problem is that for the stocks, I actually have now no longer been paid. I am entitled to get my stocks again. This is unlisted employer.”

The courtroom docket requested whether or not there become “any average agreement going on?” To which, Rohatgi stated, “There become a few communicate at a few degree however the employer has filed a in shape towards this man (Grover) and his spouse. He has additionally written a ee-e book wherein there is lots of awful blood.” Grover’s suggest advised the courtroom docket that the settlement dates again to December 2018. “The settlement filed is a solid and fabricated report,” alleged Grover’s suggest.

The courtroom docket then suggested, “As a long way as those stocks are concerned…reputedly there were a few information reviews which you need to promote stocks…in preference to me achieving a prima facie finding, why do not you document your reply?”

Grover’s suggest endured that there have been agreements. Referring to one in every of those, he stated, “The buy attention will be discharged in coins or as withinside the way agreed among sides. The settlement become achieved the identical day. This is the pre-execution model of the settlement.”

However, the courtroom docket stated, “The variety of stocks isn’t here, the cash isn’t here. For the moment, I do not but discover a 2nd achieved settlement that even prima facie you’re depending upon.”

Commenting at the appearance and sense of the files submitted withinside the in shape, Grover’s legal professional contended, “What they’ve executed is that web page 6, that is the signed model, is definitely exclusive from the alternative pages. He has taken one element from the settlement signed with me and connected it to an settlement signed with different traders.”

Responding to this argument, the courtroom docket stated, “Your allegation of fraud is some thing that must be proved at trial. I haven’t visible agreements but. It is viable what you’re announcing is true. But there are different opportunities as well. Easiest factor on the way to do is to expose me evidence of price of stocks.”

Grover’s suggest advised the courtroom docket, “My consumer’s (Ashneer’s) spouse (Madhuri Jain Grover) has paid ₹eight crore to the plaintiff’s spouse (Dharti Koladiya).” Rohatgi objected to this, announcing, “We ought to first set up that he has paid. His stand is that ₹eight crore has been paid and ₹88 lakh is a part of this ₹eight crore.” “There cannot be a lie on a lie on a lie,” Rohatgi stated.

Then, he commenced regarding Grover’s ee-e book and added, “The ee-e book says his spouse gave my (Koladiya’s) spouse a few loan. This become now no longer a part of my transaction. The reality of the problem is I (Koladiya) gave him stocks. There must be a few report someplace to signify that he paid me…” The remember will now be heard via way of means of the courtroom docket on sixteen March.

Koladiya had filed a business in shape withinside the Delhi excessive courtroom docket towards Grover alleging “breach of the proportion buy settlement dated 03 December 2018 and as a consequence claiming identify over 16110 stocks, that is about three.10% shareholding of BharatPe,” stated Sidhant Goel, partner, at Sim and San, Attorneys at Law. The regulation company representing Koladiya on this case.

Sharing the background, Goel added, “Bhavik Koladiya is the founding father of BharatPe which he included and based with Shashvat Nakrani. In May 2018, the Bhavik and Shashvat employed Ashneer Grover as a CEO. Later, primarily based totally on Ashneer’s representations that it’s going to assist BharatPe improve investments, Bhavik and Shashvat gave him the tag of a co-founder.

“It is the case of Bhavik Koladiya that Ashneer Grover withinside the month of November 2018 represented to Bhavik that because of his background, traders have been now no longer geared up to put money into BharatPe till the time he’s at the cap-desk of BharatPe. With the hobby of BharatPe in thoughts and performing at the representations of Ashneer, Bhavik agreed to return back off the cap-desk of BharatPe. Thus, Bhavik agreed to switch 1611 of his 2900 stocks (that are now sixteen,one hundred ten stocks) to Ashneer via way of means of manner of an settlement dated three December 2018. The attention for the switch of the 1611 stocks become about 88 Lacs (“Purchase Consideration”).”

While Bhavik carried out his duties of their entirety on three December 2018 via way of means of executing the essential forms, to provide impact to the transaction in admire of the Bhavik’s stocks in favour of Ashneer, he until date has now no longer been paid the acquisition attention.

“Between February and early March 2022, Ashneer commenced claiming belongings withinside the 16110 stocks via way of means of publicly proclaiming himself to be the unmarried biggest shareholder of BharatPe. When Bhavik requested Ashneer to go back his stocks, Ashneer denied. Ashneer, in his Book, has once more claimed belongings withinside the 16110 stocks via way of means of proclaiming himself to be the unmarried biggest man or woman shareholder of BharatPe.”

“With this order, three.10% of the eight.43% shareholding, which Ashneer claims to be in his ownership, has now grow to be challenge to the final results of this case.”

Goel added, “a celebration which does now no longer carry out an crucial situation of a settlement is predicted to go through its consequences. The remember is now sub judice and we’ve not anything greater to add.”

The improvement comes seven months after Koladiya moved out of BharatPe. In August 2022, Mint become the primary to file approximately Koladiya’s go out from the company and the motives at the back of his move.