BharatPe has fired another legal salvo at its former managing director and co-founder Ashneer Grover.

The fintech player filed an arbitration at the Singapore International Arbitration Centre (SIAC) to claw back Grover’s restricted shareholding and take back the founder title from him.

The arbitration was filed on Thursday. If relief is granted, Grover may lose his unvested shares and the right to use the founder title. Restricted stock units (RSUs) are a compensation measure used by firms where an employee will receive the company’s shares after a specific time called the vesting period.

It is learnt that the arbitration proceedings were initiated after Grover allegedly refused to comply with the shareholder’s agreement. This is the third legal action after the civil suit at Delhi High Court and criminal complaint with the Economic Offences Wing.

Grover holds about 8.5 per cent of the company. Of this, 1.4 per cent is not vested. Under the shareholder’s agreement, the company can trigger the clause to clawback unvested shares.

The action follows a detailed corporate governance review by the company’s board into the allegations of lapses and misdoings during the tenure of Grover as managing director.

BharatPe, in the suit filed at the Delhi High Court, had alleged that Grover, his wife Madhuri Jain and other family members created fake bills, enlisted fictitious vendors to provide services to the company and overcharged the firm for recruitment. The company is seeking up to Rs 88.67 crore in damages.

It came after a corporate governance review by Alvarez and Marsal, Shardul Amarchand Mangaldas and PwC led to the ouster of Jain, and Grover resigning from the company and its board in March.

In February, Grover’s plea at the SIAC on the investigation against him was rejected.

BharatPe has levelled a number of charges including criminal breach of trust, dishonestly receiving stolen property against Grover.