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Rs 100 crore lost by Ashneer Grover in stock market speculation

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The newest argument in the boardroom is between Bhavik Koladiya and Ashneer Grover about Koladiya’s ownership in the firm. This is a problem for BharatPe’s shareholders to resolve, as the company’s board of directors is unlikely to interfere.

Koladiya is reported to have divided his holdings between Ashneer and another co-founder, Shashvat Nakrani, according to individuals close to the situation. Koladiya had a 30% share in the firm until around 2018, however, this was decreased when the fintech company got further money.

Sequoia Capital, which owns roughly 19.6% of the firm, Coatue, which owns 12.4%, Ribbit Capital, which owns 11%, and Beenext, which owns 9.6%, are among the company’s major investors.

Koladiya’s Stake: An Intriguing Case

“When Sequoia Capital came up, Koladiya’s stock was divided amongst the other two founders to keep him off the cap table.” “There was also an email chat about it,” a source close to the situation told ET, adding that an agreement between the two is possible.

Meanwhile, Koladiya is seeking legal advice on the situation, since his and Grover’s relationship has deteriorated, as evidenced by a leaked phone call between the two.

“With the way things went in the last week or two, there will be further friction over Koladiya’s position in the company and earlier agreements.” Koladiya would be roughly 4% of Grover’s existing 8.5-9.5 percent shareholding. “Koladiya and Nakrani have a similar deal,” the source told ET.

Koladiya’s LinkedIn page now lists him as BharatPe, with no formal title.

Koladiya was found guilty of credit card fraud in the United States in 2015. District Judge Mark Hornak of Monroeville, Pennsylvania, punished Bhavikkumar H. Koladiya, alias “Bob Patel,” according to the US Department of Justice.

Koladiya, the owner of Oakland’s “Atwood Xpress,” stole other people’s identities and used them to create credit card accounts with US Bank, Chase Bank, Discover Card, and other companies, then used the stolen credit cards to buy products, including diamonds.

Finally, Ashneer and Nakrani received his BharatPe share. According to reports, Ashneer owns 8.5 percent of the corporation, while Koladiya owns about 4%. Koladiya and Nakrani had the same understanding.

What was the significance of the Koladiya Angle? Limelight is waiting for you!

Grover and Koladiya’s conflict initially surfaced when Grover wrote to BharatPe’s Board of Directors on February 22, notifying them of his phone conversation with Koladiya. Grover said in the letter that he had received calls from Koladiya for a prospective meeting in the presence of board chairman Rajnish Kumar.

Koladiya became involved in the Ashneer-BharatPe drama after Ashneer’s wife Madhuri Jain Grover, a former head of controls at BharatPe who was also fired for financial fraud, intensified the dispute on social media. Suhail Sameer, CEO of BharatPe, and Koladiya were seen in a video clip she released on Twitter at an office party. Jain, on the other hand, eventually removed her tweet from Twitter.

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CIDCO Announces Weekly Water Cuts Across Navi Mumbai Nodes from November 2

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15% reduction in water supply, Kharghar, Panvel, Kalamboli, Kamothe, Ulwe and other areas to face scheduled disruptions.

The Water Cut

The City and Industrial Development Corporation (CIDCO) has announced a 15 per cent water cut across several Navi Mumbai nodes from November 2, citing concerns over possible water shortages in the coming months.

Under the revised schedule, several areas will face a 24-hour water shutdown once a week, while parts of Ulwe and Dronagiri will receive water on alternate days.

The decision follows a Maharashtra government directive issued on October 5, asking water supply authorities to conserve available reserves and ensure drinking water availability until August 31, 2027. Concerns over the possibility of inadequate rainfall due to El Niño have also prompted precautionary measures.

Weekly water cut schedule:

  • Monday: Kharghar and New Panvel East.
  • Tuesday: Selected sectors of Ulwe and New Panvel West.
  • Wednesday: Kalamboli.
  • Thursday: Karanjade.
  • Friday: Taloja, Kalundre and Kamothe.

In parts of Ulwe, including Shelghar, Bamandongari and Nhava, water will be supplied on alternate days. Similar restrictions will apply to several sectors and villages in Dronagiri.

CIDCO has appealed to residents to use water judiciously, avoid washing vehicles and filling swimming pools with drinking water, prevent overhead tanks from overflowing and repair leaking taps and pipelines. The restrictions will remain in force until further notice. Residents have been urged to cooperate with the water conservation measures.

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NMMC to Challenge State’s Cluster Redevelopment Approvals in Bombay High Court

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General Body passes resolution seeking stay on pending Urban Renewal Scheme proposals until a city-wide infrastructure capacity study is completed.

The  Redevlopment

The Navi Mumbai Municipal Corporation (NMMC) has decided to challenge the Maharashtra government’s move to process pending cluster redevelopment proposals without assessing the city’s infrastructure capacity.

At its General Body meeting on November 2, the civic body passed a resolution by 60 votes to 31, directing the administration to seek a stay on Urban Renewal Scheme (URS) approvals until a comprehensive city-wide carrying capacity study is completed. NMMC has also decided to approach the Bombay High Court if the state proceeds with the pending approvals.

The move follows an October 15 communication from the Urban Development Department directing the processing of notified proposals pending before the High-Powered Committee.

Leader of the House Sagar Naik warned that additional construction without adequate infrastructure planning could lead to traffic congestion, water shortages and sewage management problems. He clarified that NMMC was not against redevelopment but questioned the need for a separate URS when existing development regulations allow redevelopment.

Corporator Suraj Patil proposed filing a writ petition under Article 226, seeking an interim stay on Cluster 1, Cluster 2 and other pending projects. Deputy Mayor Dashrath Bhagat also supported the move, highlighting environmental concerns involving creek ecosystems and fisheries. Meanwhile, differences emerged within the Eknath Shinde-led Shiv Sena over the Ghansoli Simplex cluster project. Corporator Prashant Patil opposed the proposal, citing infrastructure constraints and claiming that 5,000 residents were willing to sign a memorandum against it.

Following the resolution, NMMC directed the Municipal Commissioner to communicate its objections to the state government and initiate legal proceedings.

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Sameer Wankhede, Vijay Nahata to Lead Anti-Drug Awareness Programme in Vashi

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‘Say No to Drugs, Yes to Army Career’ initiative to bring together over 800 students and youth on November 14.

The Programme

Former Narcotics Control Bureau (NCB) Mumbai Zonal Director Sameer Wankhede and retired IAS officer Vijay Nahata will lead a youth awareness programme titled ‘Say No to Drugs, Yes to Army Career’ at Vishnudas Bhave Auditorium, Vashi, on November 14.

Organised by the Veer Jawan Foundation under the tagline ‘Hello Gen Z’, the programme is expected to attract more than 800 participants, including students, NSS and NCC cadets, parents, teachers and youth representatives.

Wankhede, who will be the chief guest and keynote speaker, will address the dangers of drug addiction, its legal consequences and the methods used by drug dealers to target young people. Nahata, former Navi Mumbai Municipal Commissioner, will preside over the event. Retired Colonel Sunil Sharma, foundation president Suresh Kakde, life coach Amit Choudhary and social workers Sarita Shiv Kumar Kherwasiya and Ashok Deshmane will also share their experiences and insights.

Established in 2018, the Veer Jawan Foundation works to support families of soldiers who lost their lives in the line of duty. Its initiatives include financial assistance, scholarships and community welfare programmes. Supported by Bihar Foundation and WISH 2 CARE, the event aims to spread awareness about drug abuse, encourage young people to consider careers in the armed forces and promote a drug-free Navi Mumbai.

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