The Delhi High Court dismissed on Friday a plea by BharatPe Co-founder Shashvat Nakrani, who sought to prevent former Managing Director Ashneer Grover from selling the shares that were previously sold to him.
Despite rejecting the interim application, the court directed Grover to inform Nakrani in advance if he plans to transfer or alienate the shares in question.
Following the court's decision, Grover expressed gratitude on social media, emphasising the importance of respecting founders' equity.
"We as Founders work hard to create ‘equity’ value and this order shall go a long way in protecting the rights of Founders in India," he said. "More importantly, it'll teach an important lesson to co-founders: respect each other’s equity and not break the 'bro-code'."
Soon after, Nakrani responded to the court's order through his social media handle. He mentioned that his lawyers informed him that the court directed Grover to notify before selling the shares, as he also has a claim for damages equal to the market value of the shares.
A detailed order in the case is awaited.
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