Delhi High Court Issues Notice On BharatPe Plea Over Unity Small Finance Bank Warrants Transfer

The Delhi High Court has issued notice on BharatPe's (Resilient Innovations) plea against Centrum Financial Services Limited and JBCG Advisory Services Private Limited over the alleged transfer and encumbrance of warrants issued by Unity Small Finance Bank without its consent.

The plea seeks interim relief restraining the two companies from transferring or creating any encumbrance over the warrants without BharatPe's prior written consent. It alleges that such action would violate the Shareholders' Agreement dated October 26, 2021.

Justice Tushar Rao Gedela issued notice to the respondents and granted them not more than two weeks to file their replies. A rejoinder, if any, may be filed within three days thereafter.

The matter has been listed for consideration on October 1, 2026.

Resilient Innovations has sought an interim order restraining JBCG, Centrum and persons acting on their behalf from transferring or creating any encumbrance over the warrants without its prior written consent.

It has also sought to restrain Unity Small Finance Bank from registering or giving effect to any transfer or encumbrance over the warrants made without its prior written consent.

Another prayer seeks to restrain the bank from implementing, insofar as the warrants are concerned, a circular resolution of its Stakeholders Relationship Committee approved on September 17, 2025, concerning the process for transfer of securities.

The petition also seeks disclosure on an affidavit of details concerning the warrants. These include the identity of each holder, the number and series of warrants held, details of past transfers, the transferors and transferees, consideration paid and the authority under which each transfer was approved.

It further seeks details of any deed of adherence or undertaking executed by transferees, fit-and-proper determinations and encumbrances created over the warrants. For each encumbrance, the petitioner seeks details including the chargeholder, date of creation, amount secured and the number and series of warrants affected.

For Petitioner: Advocates Mohit Goel, Sidhant Goel, Anuj B., Deepankar Mishra, Aisha Jain, Shashwat Mukherjee, Ishaan Pratap Singh, Suradish Vats and Darpan Sachdeva

For Respondents: Rajshekhar Rao, Senior Advocate with Advocates Ashish Aggarwal, Nalin Dhingra, Ajay Monga, Amol Sharma, Sanjay Gupta, Ateev Mathur, Jagriti Ahuja