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BharatPe initiates action to claw back Ashneer Grover’s shares

As BharatPe seeks to move past the controversy that has dogged the company since its inception, the company announced today that it will take the necessary steps to reclaim the restricted shares owned by ousted cofounder and former managing director Ashneer Grover.

While BharatPe did not name Grover in its statement, it did state that it is taking action against the ex-CEO, who is at the centre of a public battle involving the board, independent director Rajnish Kumar, current CEO Suhail Sameer, and other cofounder Shashvat Nakrani. “The company has initiated necessary action against the former Founder to claw back his restricted shares as per the shareholders’ agreement. It will take all steps to enforce its right under the law,” the statement said.

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