Connect with us

India

Rs 100 crore lost by Ashneer Grover in stock market speculation

Published

on

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.

Continue Reading
Advertisement
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Latest News

Contaminated Tap Water Triggers Health Alarm in Uran Villages

Published

on

Monsoon runoff and untreated water supply leave local residents battling stomach infections and demanding clean drinking water.

Contaminated Water

A severe public health worry has gripped parts of Uran after residents received muddy, contaminated tap water, leading to a rise in waterborne illnesses across several local villages.

Following heavy monsoon rainfall, turbid water flowing from the Hetawane Dam made its way directly into household taps. The problem has particularly affected communities located between Jite and Gavan Phata. Because CIDCO’s primary water treatment facility is situated downstream at Gavan Phata, households upstream have been left receiving raw, unfiltered water.

Over the past few days, local clinics have reported a surge in cases of stomach cramps, vomiting, and diarrhea, leaving families anxious for their health especially young children and the elderly.

“We are forced to boil dirty water just to get through the day, but many are still falling sick,” expressed a concerned local resident. “Clean drinking water isn’t a luxury, it’s a basic necessity.”

Frustrated by the situation, community members and local leaders are urging CIDCO and municipal authorities to intervene immediately. They are demanding urgent water filtration solutions for all affected areas, pipeline inspections, and the distribution of safe drinking water tankers until regular, fully treated water supply is restored.

Continue Reading

Latest News

NMMC Sets Firm Deadline to Wrap Up Civic Repairs Ahead of Ganeshotsav

Published

on

Navi Mumbai municipal committee orders fast-tracked pothole repairs, bright streetlights, and seamless immersion routes for devotees.

The Ganeshotsav

With Navi Mumbai gearing up to welcome Lord Ganesha, the Navi Mumbai Municipal Corporation (NMMC) Standing Committee has instructed all civic departments and contractors to finish key infrastructure and repair works well before the festival begins.

At a recent meeting, committee members emphasized that devotees and procession organizers should not face hurdles like broken roads, dark streets, or uncleared debris. Officials directed engineering teams to prioritize pothole filling, tree trimming around power lines, and surface leveling especially along designated Visarjan (immersion) routes across all nodes.

“Ganeshotsav is a time of deep joy and community togetherness,” noted civic representatives during the review. “Our priority is to ensure smooth, safe roads for processions and clean, well-lit spaces around pandals and artificial immersion ponds.”

Beyond road repairs, the NMMC is streamlining the approval process for Sarvajanik (public) Ganesh mandals, ensuring hassle-free access to electricity, clean water, and temporary toilet facilities. Contractors have been cautioned that delays or poor-quality repair work will draw strict penalties.

With local administration actively coordinating with police and mandal representatives, residents can look forward to a smooth, safe, and festive celebration across the city.

Continue Reading

Latest News

Kopar Khairane Gets a Fragrant Green Boost with Surangi Plantation Drive

Published

on

Navi Mumbai municipal leaders join hands with local residents to nurture biodiversity and expand native green cover.

The Drive

In a heartwarming effort to breathe fresh life into urban spaces, local municipal leaders and residents gathered in Kopar Khairane for a special tree plantation drive focused on nurturing the native Surangi tree. Led by the Navi Mumbai Mayor alongside top officials from the Navi Mumbai Municipal Corporation (NMMC), the initiative highlighted a growing commitment to restoring the region’s ecological balance.

Under the bright morning sky, community members and civic workers worked side by side, planting dozens of young Surangi saplings across designated green zones and parkways. Known for its rich clusters of fragrant white flowers and dense, shady canopy, the Surangi tree is a natural favorite for local soil, requiring minimal artificial care once established while providing a thriving habitat for birds and local pollinators.

Addressing the gathered volunteers, civic leaders stressed that urban greenery is not just about aesthetics, but about building healthier, cooler neighborhoods for future generations. “Planting native trees like Surangi connects us back to our natural roots while directly improving air quality right where we live,” officials shared during the drive.

Beyond increasing total foliage, the event served as an inviting reminder of collective civic responsibility. Local families and young volunteers actively participated, taking turns watering the newly planted saplings and pledging to oversee their care as they grow. The NMMC plans to extend similar native-species plantation drives to other nodes across Navi Mumbai in the coming months.

Continue Reading

Trending