The Delhi High Court has ordered the Bureau of Immigration to cancel a Look Out Circular (LOC) issued against BharatPe’s former Managing Director Ashneer Grover and his wife Madhuri Jain Grover.

A bench of Justice Sanjeev Narula took note of the submission that the FIR forming the basis of issuance of LOC has been quashed on the basis of compromise between the parties.

“Accordingly, the present petitions are disposed of with a direction to the respondents (authorities) to cancel the LOC against the petitioners in their records,” it ordered.

After a long-standing and dramatic courtroom battle, BharatPe in September this year said it had reached a settlement with its former co-founder Grover, who was charged, along with his family members, by the fintech company for alleged misappropriation of funds worth Rs 88.67 crore.

The fintech company said that as part of the agreement, Grover will not be associated with BharatPe in any capacity nor be a part of the shareholding of the company.

It added that both parties have decided not to pursue the cases filed.

BharatPe in December 2022 had filed a criminal complaint against Grover, Madhuri Grover, Shwetank Jain (her brother), Suresh Jain (father-in-law of Grover) and Deepak Gupta (the couple’s brother-in-law). It has been alleged that Grover, founder & ex-director of BharatPe, his wife and other officials were involved in criminal misappropriation of the company’s funds, on the basis of various fabricated documents. Accordingly, payments were made to non-existent vendors and HR consultancy firms causing a wrongful loss of approximately Rs 81 crore to the complainant company.

The Economic Offences Wing (EOW) of the Delhi Police arrested Deepak Gupta in connection with the misappropriation of the company’s funds. Earlier, another accused in this case, Amit Bansal was also arrested by the EOW.

BharatPe had also approached the Delhi High Court months after Grover and his wife were dismissed from the company over allegations of misappropriation of funds. In its suit, running into 2,800 pages, BharatPe claimed damages worth Rs 88.67 crore from Grover, his wife, and others for alleged cheating and misappropriation of funds.