According to sources, BharatPe has filed for arbitration at the Singapore International Arbitration Centre (SIAC) in order to reclaim estranged co-founder Ashneer Grover's restricted shareholding in the company and right to use the founder title.
According to sources, the company had previously sent Grover a legal notice for clawback and had initiated arbitration proceedings after he refused to comply with the shareholders agreement.
Grover owns approximately 8.5 per cent of BharatPe, 1.4 per cent of which was not vested and was released on the date of his resignation.
Following a civil suit in the Delhi High Court and a criminal complaint with the Economic Offences Wing, this is the third legal action. The shareholder agreement allows for the clawback of unvested shares (1.4 percent).
The SIAC denied Ashneer Grocer's investigation-related appeal in February on all five grounds.