On Tuesday, the Delhi High Court issued a ruling preventing Ashneer Grover, the former managing director of BharatPe, from selling the shares transferred to him by co-founder Bhavik Koladiya or from establishing any rights with third parties over these shares.

Bhavik Koladiya petitioned the High Court, contending that he transferred the shares to Ashneer Grover in December 2022 without receiving payment from Grover for the transaction.

Today, Justice Prateek Jalan granted an interim relief application submitted by Koladiya, stating that the interim order will be effective until the Court reaches a decision on Koladiya's case against Grover.

Following the pronouncement of the order, Justice Jalan praised Grover's counsel, advocate Giriraj Subramanium.

Bhavik Koladiya has asserted that he agreed to transfer 1,611 out of his 2,900 shares (which now total 16,110 shares) to Grover through an agreement dated December 3, 2022. The agreed consideration for the transfer of these 1,611 shares amounted to approximately ₹88 lakhs.

He claimed that to date, Grover has not fulfilled the share purchase consideration.

Koladiya co-founded the fintech firm in 2017 with Shashvat Nakrani. In 2018, they initiated the search for a chief executive, following which Grover joined the company.

It was argued before the Court that between February and early March 2022, Grover began asserting ownership over the 16,110 shares by publicly declaring himself as the largest shareholder of BharatPe.

Koladiya stated that Grover declined to return his shares upon request, leading him to seek relief from the High Court. In the meantime, Grover has refuted the accusations, asserting that the agreement mentioned by Koladiya's counsel was forged and fabricated.

Senior Advocate Gaurav Pachnanda, accompanied by the team from Sim and San - Attorneys at Law, which includes advocates Mohit Goel, Sidhant Goel, Deepankar Mishra, and Karmanya Dev Sharma, represented Bhavik Koladiya in the proceedings.