Ashneer Grover files waiver plea in NCLT, seeks exemptions in petition against BharatPe

Ashneer Grover, co-founder and former managing director of BharatPe, has filed a plea with the NCLT seeking a waiver of a petition he previously filed alleging oppressive conduct and mismanagement by the fintech firm's board.

On this, the Delhi bench of the National Company Law Tribunal (NCLT) issued a notice on Monday, requesting a response from BharatPe and other respondents and scheduling the matter for the next hearing in April.

Grover filed a plea before the NCLT in December, alleging oppressive conduct and mismanagement by the board of Resilient Innovations Pvt Ltd, doing business as BharatPe, under sections 241 and 242 of the Companies Act 2013.

However, section 244 of the Act requires that the shareholder who files an appeal under section 241 own at least 10 per cent of the company's shares.

It also empowers the NCLT to "may, on an application made to it in this behalf, waive all or any of the requirements specified" so that a petitioner can apply under Section 241.

Grover petitioned under section 241 to be reinstated as managing director of the company and to declare "illegal" changes in the company's management by changing the board of directors of Resilient Innovations.

He also requested that the NCLT order an inspection and audit of the company by the Ministry of Corporate Affairs, as well as the reversion of any shares  or Employee Stock Options (ESOPs) issued since his resignation on March 1, 2022.

Grover has also requested that the board revoke the termination of his wife Madhuri Jain, calling it "illegal". He has also requested the removal of any new board members appointed after his departure.

Furthermore, he has asked the NCLT to order the company's dissolution in the "interest of justice".

(With Agency Inputs)