BharatPe’s Ashneer Grover seeks indemnity from future action as part of exit settlement

Bengaluru: The embattled BharatPe cofounder and managing director Ashneer Grover has sought indemnity from any future action against him in his ongoing settlement discussions with the fintech firm and its shareholders, sources briefed on the matter said.

This comes even as Grover has filed an arbitration plea in the Singapore International Arbitration Centre (SIAC) amid a long-drawn battle between him and the company’s board and shareholders to keep his 9.5% shareholding intact in BharatPe.

People aware of the goings-on added that Grover is actively signalling his intent for a settlement with the board and the company in these conversations. This marks a shift in how both the parties are now trying to address the series of conflicts between them which has played out in the public for close to two months now.

“There were talks held last week and he (Grover) did mention he wants indemnity rights so it shouldn’t be that after the current dispute is settled a litigation is initiated after that,” a person aware of the matter said. “The idea is to reach a settlement with the least amount of legal fights possible. Everyone knows once that starts, it will mean all the parties will need to be involved for months which is not good for the company,” the person added.

Ashneer GroverETtech

The latest developments come in at a time when consulting firm Alvarez & Marsal (A&M) has put forth preliminary results of the ongoing investigation which was leaked earlier this month. On February 4, ET reported that the initial probe findings noted that the BharatPe controller Madhuri Jain, who is Grover’s wife, her brother Shwetank Jain and her brother-in-law Deepak Jagdishram Gupta,
were linked to financial irregularities in the company.

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Jain had also written to BharatPe’s board on February 10,
alleging that it had accepted her ‘resignation’, which she did not tender and had no knowledge of, as ET first reported on February 18.

Earlier, Grover had asked BharatPe’s investors and the board for Rs 4,000 crore to buyout his 9.5% stake in the company. However,
ET reported on February 10 that he’s held talks with external investors as the existing shareholders had not engaged with him on his demands. Grover who had lawyered being represented.

The news of Grover moving to SIAC was first reported by Livemint. ET has independently verified this.

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