Payments firm BharatPe filed an arbitration on Thursday to claw back former managing director Ashneer Grover's restricted stake in the company and his 'founder' title, a person familiar with the matter told BQ Prime.
The arbitration has been filed under the Singapore International Arbitration Centre rules. The proceedings were initiated after Grover refused to comply with shareholders agreement, the person quoted above said on the condition of anonymity.
BharatPe has also filed a civil case against Grover in the Delhi High Court and is seeking Rs 88.67 crore in damages from Grover, his wife and their relatives. The company has also filed a criminal case against Grover with the Economic Offences Wing.
Grover currently holds roughly 8.5% in BharatPe, of which 1.4% was not vested and released on the date of his resignation in March 2022.
BharatPe had earlier sent Grover a legal notice in May for the clawback and has now initiated arbitration proceedings, according to the person mentioned earlier. Arbitration proceedings have been initiated after Grover refused to comply with BharatPe's shareholders agreement, the person said.
Queries emailed to Grover and BharatPe on Friday remained unanswered.
The Delhi High Court, too, issued a notice and summons to Grover and his relatives on Thursday.
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