Resilient Innovations, the parent company of fintech organisation BharatPe, has recently lodged a new lawsuit in the Delhi High Court. The suit seeks a restraining order against cofounder Ashneer Grover, accusing him of disclosing "confidential information" pertinent to the company, Economic Times reported.
The beleaguered founder took to social media platform X, last week to share details about the equity distribution and secondary aspects implemented during the company's Series E fundraising round. This round was spearheaded by Tiger Global and included participation from Dragoneer Investor group among others. However, he removed that post later.
The fintech specialising in payments and financial services was valued at $2.86 billion following a fundraise of $370 million.
During the hearing at the Delhi High Court on Friday (24 November), BharatPe's legal representative argued that Grover breached his employment contract by disclosing confidential company information.
The firm's legal representative also contended that despite his resignation, Grover still possesses sensitive company data, thereby breaching the company's employment contract.
The plea was heard by Justice Sachin Dutta. Grover's attorney presented an apology on his behalf for his behavior of posting confidential company data, which the Court accepted.
The attorney further explained that his client needed this information to protect himself in response to the multiple cases filed against him.
The issue concerning Grover's ongoing possession of confidential corporate data will be addressed during the subsequent court hearing for the case.
Senior advocate Akhil Sibal represented BharatPe, with Anuj Berry from Trilegal providing the briefing. On the other hand, Giriraj Subramanium, another senior advocate, represented Grover.
In addition to the civil lawsuit that BharatPe's parent company has lodged at the Delhi High Court against Grover and his relatives, a new case has emerged. This seeks damages of up to Rs 88.67 crore for the alleged misappropriation of funds.
Even so, the two parties have been in conflict due to Grover's social media behavior. BharatPe has sought a legal restraining order, alleging that Grover has used inappropriate and offensive language against the company in his online posts.
Earlier this week, Grover was questioned by the Economic Offences Wing (EOW) of the Delhi Police in connection to an alleged fraud case. This followed a status report from the EOW revealing that at least eight HR consultancy firms were connected to the relatives of Grover's wife, Madhuri Jain. Jain had previously served as the head of controls at the fintech company.
A week ago, Grover and his spouse Jain were detained at Indira Gandhi International Airport in Delhi due to a lookout circular (LoC) that had been issued against them.
The issuance of the LoC against the couple was initiated by the Delhi Police EOW, who are currently investigating claims of financial impropriety attributed to the Grovers.
Nishtha Anushree is Senior Sub-editor at Swarajya. She tweets at @nishthaanushree.
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