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Economy, business and finance
BharatPe moves Delhi HC against Centrum, JBCG over Unity Bank warrants
Resilient Innovations alleges unauthorised transfers and encumbrances involving Unity Bank warrants and seeks interim protection against further transactions from the court.
BharatPe’s parent company, Resilient Innovations Private Limited, has moved the Delhi High Court against Centrum Financial Services Limited and JBCG Advisory Services Private Limited, alleging unauthorised transfers and the creation of encumbrances over warrants issued by Unity Small Finance Bank.
The petition has been filed under Section 9 of the Arbitration and Conciliation Act, 1996, seeking interim protection against the transfer, sale, marketing or creation of any security interest in Series 1 and Series 2 warrants without BharatPe’s prior written consent.
Resilient has also sought directions restraining Unity Bank from registering or giving effect to any transaction involving the disputed warrants.
Justice Tushar Rao Gedela issued notice on the petition on September 9. The respondents have been given two weeks to file their replies, while Resilient will have three days thereafter to file its rejoinder. The matter will next be heard on October 1.
The dispute relates to 190 crore warrants allotted to Centrum in November 2021. Centrum holds a 51 per cent stake in Unity Bank, with BharatPe holding the remaining 49 per cent.