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

BharatPe co-founder and former managing director Ashneer Grover has filed a plea before NCLT seeking waiver over a petition earlier filed by him alleging oppressive conduct and mismanagement by the board of the fintech firm.

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

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

However, section 244 of the Act also mandates that the shareholder, to file an appeal under section 241, should have a minimum of 10 per cent of the shares of the company.

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

Grover, in his petition filed under section 241 has prayed for reinstating him as managing director of the company and declare as "illegal" changes in the management of the company by altering the board of Resilient Innovations.

He has also requested NCLT to order inspection and audit of the company by Ministry of Corporate Affairs and to revert any shares/ESOPs issued since his resignation on March 1, 2022.

Grover has also sought revocation of termination of his wife Madhuri Jain by the board, terming it "illegal". He has also asked for removal of any new member inducted on the board after his exit.

Moreover, he has requested NCLT to direct winding up of the company in the "interest of justice".