New Delhi, March 12 (IANS): The Singapore International Arbitration Centre (SIAC) has dismissed Ashneer Grover's challenge to its jurisdiction on its power to decide on the claw back of his shares in the fintech unicorn BharatPe he co-founded.

People aware of the development told IANS on Tuesday that SIAC has also dismissed Grover’s stay application and the proceedings in the BharatPe case will continue before the arbitration tribunal.

BharatPe in late 2022 had filed an arbitration under the SIAC rules to restrict Grover from vesting his 1.4 per cent shares in the company.

Grover then held about 8.43 per cent stake in the company, of which 1.4 per cent is unvested.

According to the people close to the development, Grover had asked for a stay of proceedings in the Singapore tribunal, in light of his case filed in National Company Law Tribunal (NCLT) Delhi.

Grover, former co-founder and managing director of BharatPe, moved the NCLT in the Capital against the fintech major, alleging “oppression and mismanagement at the firm”.

The SIAC has now passed a detailed order, rejecting his applications and holding that the tribunal has the jurisdiction to hear the company’s case and NCLT case has no bearing on this present case, according to sources.

Grover will lose his unvested shares and right to use the founder title if the arbitration is granted.

In November last year, the Delhi High Court imposed a fine of Rs 2 lakh on Grover in response to alleged defamatory social media posts against the fintech company.

After Delhi Police's Economic Offences Wing (EOW) filed an FIR against Grover and members of his family, BharatPe had filed an application alleging that Grover had been tweeting defamatory statements ever since.

In its suit, running into 2,800 pages, BharatPe has claimed damages worth Rs 88.67 crore from Grover, his wife Madhuri Jain Grover and his brother for alleged cheating and misappropriation of funds.