Delhi High Court Orders Ashneer Grover to Remove Tweets Targeting BharatPe and SBI Chairman

• ByStartupStory     |    March 15, 2024

In a recent development, the Delhi High Court has issued a directive to former BharatPe Managing Director, Ashneer Grover, mandating the removal of his contentious tweets against the company and the former State Bank of India (SBI) Chairman, Rajnish Kumar. The court has given Grover a 48-hour deadline to comply with the order, emphasizing the need to safeguard the reputation of both entities involved.

The court’s decision stems from a tweet posted by Grover on March 12, 2024, wherein he made derogatory remarks referring to SBI Chairman Rajnish Kumar and implied criticism towards BharatPe. The court observed that such remarks were detrimental to BharatPe’s reputation and deemed Grover’s comments as unwarranted.

According to reports from Bar and Bench, the court stated, “The tweet was nothing but an innuendo towards BharatPe’s chairperson, who is a former SBI chairman.” The court further emphasized that Grover “cannot destroy the company’s reputation” and labeled his remarks about Kumar as “completely avoidable.”

The controversy surrounding Grover has escalated in recent weeks, with the former MD petitioning the Reserve Bank of India (RBI) to investigate BharatPe’s shareholding practices. Grover alleged that the company had engaged in fraudulent activities by reintroducing Bhavik Koladiya, a convicted individual, into its shareholding structure.

In a letter addressed to the RBI, Grover accused BharatPe of deceiving regulators by re-including Koladiya, who had previously been convicted of wire fraud in the United States. Grover raised concerns over BharatPe’s integrity, questioning the transparency of its operations.

Regarding the allegations, Grover’s letter to the RBI stated, “BharatPe has deliberately ‘defrauded’ it by bringing back Bhavik Koladiya… after securing a bunch of licences.” Grover urged the RBI to scrutinize BharatPe’s actions, particularly its handling of Koladiya’s shares, alleging manipulation of ownership structures for regulatory approvals.

BharatPe, a prominent player in the fintech industry, has faced internal turmoil following Grover’s departure from the company in March 2022. The situation escalated when BharatPe filed both civil and criminal complaints against Grover and his associates, seeking damages and alleging various offenses including breach of trust and conspiracy.

The legal battle between Ashneer Grover and BharatPe underscores the complexities within the corporate landscape, particularly in the fintech sector. As the case unfolds, stakeholders are closely monitoring the implications for corporate governance and regulatory compliance within India’s burgeoning fintech ecosystem.

The outcome of Grover’s compliance with the court order and the RBI’s response to his allegations against BharatPe will likely shape the future trajectory of this ongoing dispute.

For now, the spotlight remains on Ashneer Grover and BharatPe as they navigate through legal proceedings while grappling with reputational challenges in the public domain.

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