BharatPe’s parent entity, Resilient Innovations Private Limited, has filed a petition in the Delhi High Court under Section 9 of the Arbitration and Conciliation Act, 1996, against Centrum Financial Services Limited and JBCG Advisory Services Private Limited over the alleged unauthorized transfer and encumbrance of warrants issued by Unity Small Finance Bank. Seeking interim relief, BharatPe has asked the court to restrain the respondents from transferring, selling, or creating any security interest in Series 1 and Series 2 warrants without its prior written consent, while also requesting that Unity Bank be prohibited from registering any disputed transactions. The legal conflict originates from 190 crore warrants allotted in November 2021 to Centrum—which holds a 51% stake in Unity Bank alongside BharatPe’s 49% shareholding—following BharatPe’s contribution of approximately ₹746 crore to compensate depositors of the former Punjab and Maharashtra Cooperative Bank (PMC Bank). BharatPe alleges that JBCG transferred roughly 6.74 crore Series 1 warrants and 4 crore Series 2 warrants, while creating unauthorized encumbrances over 15 crore Series 1 and 16.92 crore Series 2 warrants, including a transaction where JBCG allegedly pledged 8 crore Series 2 warrants to Vistra ITCL (India) Limited to raise ₹200 crore before transferring 4 crore warrants to UTI Alternatives schemes. Following the petition, Justice Tushar Rao Gedela issued notices to the respondents, granting them two weeks to reply ahead of the next scheduled hearing on October 1.
