The Delhi High Court on Wednesday told BharatPe's former
Managing Director Ashneer Grover to file an undertaking in a week's time in
connection with a suit filed by the fintech company's co-founder Bhavik
Koladiya along with an interim application, restraining Grover from creating
any third party rights in respect of the shares.
To that, Grover informed that subject to further
directions from the court, he will not make any third party interest in the
16,110 shares that Koladiya transferred to him and in any rights that accrue to
him as a consequence thereof.
A single-judge bench of Justice Prateek Jalan ordered
that Grover will be bound by his statement and directed him to file the
undertaking.
The court also served summonses on Grover and the
fintech company, giving the former four weeks to respond to the application for
an ad interim injunction and two weeks for a rejoinder to the same.
The bench noted: "D1 (Grover) is bound to the
aforesaid statement and is directed to file an undertaking to this effect
within one week from today. Reply to application in four weeks, rejoinder in
two weeks thereafter."
The court listed the matter for hearing on March 16.
When Grover's advocate requested to view a photocopy
of a letter agreement signed by Koladiya and the defendants, Koladiya's Senior
Advocate Mukul Rohatgi responded that Grover's attorney could view the document
after coordinating with him.
Koladiya should be given his shares back, according to
Rohtagi, since the title in the same has not been passed to Grover.
According to him, Koladiya was in the category of an
unpaid seller under the Sale of Goods Act.
Rohtagi said: "Property in the goods title did
not pass to him (Grover). Even in 2021, this man on WhatsApp chat showed that
shares are still mine. I am an unpaid seller. When title has not passed, you're
entitled to get your goods back.
"What has happened is, a transaction without
consideration. Indication is clear, I'll give with one hand and take from the
other. This is simultaneous. I've done whatever. My client was gullible. There
are gullible people, what can I say?"
Citing two agreements, Grover's advocate said that
Koladiya had added a part of the deal he signed with him to the other agreement
he signed with other investors.
He argued: "With me the consideration was
supposed to be different, 88 lakhs."
After hearing the arguments, the benchA said it is not
possible to legally render a final finding now, allegations of fraud will have
to be proven at trial.
Furthermore, Rohatgi refuted the Grover advocate's
claim that as part of the Rs 88 lakh transaction in question, Grover's wife had
transferred a sum of Rs 8 crore to Koladiya's wife.
"There can't be a lie on a lie on a lie,"
Rohatgi said.
Koladiya in 2017 along with another co-founder
Shashvat Nakrani, found the fintech company. In 2018, Grover joined the company
as the third co-founder.