The Delhi High Court in the case Shashvat Nakrani v. Ashneer Grover observed and has refused to restrain BharatPe’s former Managing Director Ashneer Grover from creating any third-party rights in the ‘unpaid shares’ which he bought from fintech company’s co-founder Shashvat Nakrani.
The bench headed by Justice Sachin Datta in the case observed and has rejected the interim application moved by Shashvat Nakrani in his suit against Ashneer Grover wherein seeking to restrain him from alienating, transferring, or creating any third part rights in the unpaid shares.
The court stated while pronouncing the order that, I have declined the interim injunction.
The court in the case observed and has directed Grover that if and when he proposes to transfer or decides to alienates the shares in question, prior intimation has to be provided to Nakrani.
In the present case, the fintech company was found by Bhavik Koladiya in 2017 along with Shashvat Nakrani.
Therefore, Grover joined the company as the third co-founder in 2018.
Further, the suit was filed by Koladiya wherein it seeks to restrain Grover from creating any third-party rights in respect of his shares in BharatPe.
It has orally been assured by Grover that he will not make any third-party interest in 16,110 shares transferred to him by Koladiya and in any rights that accrue to him as a consequence thereof, subject to further judicial orders.
The counsel, Advocate Giriraj Subramanium, Advocate Simarpal Singh Sawhney, Advocate Akhilesh Talluri and Advocate SiddantJuyal appeared for Ashneer Grover.
Shashvat Nakrani’s suit has been filed through Advocate Raghavenifra Mohan Bajaj and Advocate Garima Bajaj.