Legal Tussle Between Ashneer Grover and Kotak Bank.
Ashneer Grover is a cofounder of Bharatpe. Ashneer Grover and Kotak Bank have exchanged 3 legal notices so far and their tussle is not gone end soon as there are many unclear and presumed conversations between the two parties.
Ashneer Grover and his wife Madhuri approached the Kotak Bank for funds as they wanted to subscribe for an initial public offer of the beauty cosmetic firm Nykaa. Kotak Wealth Management Bank assured the couple that they will get the IPO funds required for them to buy Nykaa Shares. But later on, Bank officials rejected to finance Nykaa Share as there were erratic movements in foreign institutional investors and very high lending rates.
Aggrieved by this action of the Bank, Ashneer Grover and his wife Madhuri sent a legal notice in the month of October to the bank claiming 500 crore Damages and 1lakh for the cost of Legal Notice. They claimed damages on the ground that the possible profit which they were able to get by subscribing to the Nykaa shares is at a loss as the bank was not able to lend the assured Funds to them. Hence Grover alleged that Kotak would be liable to compensate as there is a breach of bank contract.
Later some anonymous person in the month of January shared an audio clip on Twitter. There were two men’s and one women’s voices in the audio clip and the account holder claimed that it was Bharatpe cofounder Ashneer Grover and his wife Madhuri’s voice in the audio clip. Ashneer Grover and his wife Madhuri were scolding the Kotak Bank official in offensive Language and not only this the bank in his reply notice held that the couple not only used offensive language but also gave life threats to the bank Staff.
Once the audio of Ashneer Grover and his wife Madhuri scolding bank officials went viral, Ashneer Grover tweeted that the audio clip is fake, it’s an act of a scamster to extract money. In his tweet he said “Folks. Chill. It’s a fake audio by some scamster trying to extract funds (US4240K in bitcoins). I refused to buckle. I’ve got more character. And the internet has got enough scamsters,”.
Kotak Bank officials said they will take appropriate Legal Action towards the Bharatpe cofounder for the false allegations and offensive language used by them. Kotak Bank sent a reply notice to Ashneer Grover and his wife.
In the reply notice sent by Khaitan and Co. the legal representative of Kotak bank, it was mentioned that “your clients (Grover) are aware that our Client (Kotak) is not in the business of IPO financing as alleged/suggested in your notice. No commitment was made regarding whether Infina would lend monies to your clients,” and “your clients were aware that our client was only facilitating your clients in availing financing for applying in the Nykaa IPO and assisting your client in completion of documentation for IPO funding through the third party and not for any documentation for subscribing for the IPO” it added.
Ashneer Grover and his wife Madhuri sent one more notice through their legal representative to Khaitan and Co. (legal representative of Kotak Bank) stating that both Ashneer Grover and his wife Madhuri and Kotak bank has solved their legal issues through mutual discussion. As a reply to this notice Khaitan and Co. sent one more Notice stating that there was no communication between Kotak Bank and Ashneer Grover and if they want to end the legal issues, they need to withdraw the first notice sent by them in the month of October.
To conclude the matter between both the parties i.e., Ashneer Grover and Kotak Bank has not reached any conclusion because Kotak Bank wants Ashneer Grover to withdraw the notice sent by them in the month of October to end the matter. last week Bharat pe Co-founder has praised the manager and CEO Uday of Kotak Bank on Linked in and pretty much explained how good is his relationship with Kotak Bank for 7 years and this indicates that may be the legal tussle between the parties may end soon.