Delhi HC Appoints Arbitrator for Ashneer Grover-BharatPe Dispute

Thursday, 22 August 2024, 04:56

Delhi HC appoints an arbitrator amidst the escalating dispute between BharatPe and former MD Ashneer Grover. The case revolves around alleged confidentiality breaches.
Inc42
Delhi HC Appoints Arbitrator for Ashneer Grover-BharatPe Dispute

Delhi HC Appoints Sole Arbitrator

The Delhi High Court has officially appointed a sole arbitrator to address the ongoing legal clash between BharatPe and its former managing director Ashneer Grover. This significant development arises from Grover's alleged violation of confidentiality under his employment agreement.

Arbitration Details and Proceedings

Justice C Hari Shankar led the court ruling, assigning the arbitration to proceed under the auspices of the Delhi International Arbitration Centre (DIAC), as reported by Bar and Bench.

  • The court's ruling followed a plea by BharatPe invoking Section 11 of the Arbitration and Conciliation Act.
  • Grover’s counsel, Giriraj Subramanium, proposed that the matter might link to the Singapore International Arbitration Centre (SIAC).
  • However, Justice Shankar stated the employment agreement does not specify SIAC for resolving disputes, affirming that arbitration will occur via DIAC.

Last November, BharatPe sought an injunction against Grover for allegedly disclosing confidential information concerning the company. In the same timeframe, Grover publicly revealed sensitive equity allocations pertaining to BharatPe’s Series E funding round. The equity raise solidified BharatPe's unicorn status, raising $370 million led by Tiger Global at a valuation of $2.85 billion.

The story will be updated soon.


This article was prepared using information from open sources in accordance with the principles of Ethical Policy. The editorial team is not responsible for absolute accuracy, as it relies on data from the sources referenced.

Newsletter

Get the most reliable and up-to-date financial news with our curated selections. Subscribe to our newsletter for convenient access and enhance your analytical work effortlessly.

Subscribe