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BharatPe Co-founder Ashneer Grover Files Plea With NCLT, Seeks Exemptions: Report

Additionally, Grover seeks the reversal of his wife Madhuri Jain's termination by the board, terming it 'illegal'. He also demands the removal of any new board members appointed after his departure, according to media report

Former managing director and co-founder of BharatPe, Ashneer Grover, has submitted a plea before the National Company Law Tribunal (NCLT) requesting a waiver concerning a previous petition he filed. This petition alleges oppressive conduct and mismanagement by the board of the fintech firm, as per media reports.

The Delhi bench of NCLT responded by issuing a notice, calling for a reply from BharatPe and other respondents. The matter has been scheduled for the next hearing in April.

In December last year, Grover filed a plea before NCLT citing oppressive conduct and mismanagement by the board of Resilient Innovations Pvt Ltd, operating as BharatPe, under sections 241 and 242 of the Companies Act 2013.

However, section 244 of the Act stipulates that a shareholder filing an appeal under section 241 must possess a minimum of 10% of the company's shares. The NCLT has the authority to waive any or all of these requirements upon application, enabling a petitioner to proceed under section 241.

Grover's petition under section 241 seeks his reinstatement as the managing director of the company and the annulment of 'illegal' changes made to the management of Resilient Innovations by altering its board. He has also requested NCLT to order an inspection and audit of the company by the Ministry of Corporate Affairs and to reverse any shares/ESOPs issued since his resignation on March 1, 2022.

Additionally, Grover seeks the reversal of his wife Madhuri Jain's termination by the board, terming it "illegal." He also demands the removal of any new board members appointed after his departure. Furthermore, he has urged NCLT to direct the winding up of the company in the 'interest of justice'


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