Safestyle co-founder loses ‘betrayal’ claim against Mitu Misra
15th January 2019

A judge has left Safestyle co-founder John Ross to pick up ‘several million pounds’ of legal costs after dismissing a claim by him that his then partner Mitu Misra had ‘reneged on a deal’ over a package of nearly £27million of shares in the company, and that the ‘betrayal’ had led to his insolvency.

Judge John Kimbell dismissed Mr Ross’s claim against Mr Misra last week following a High Court trial in London late last year.

It was also revealed that John Ross had turned down a £1 million settlement offer from Mr Misra at an early stage in the litigation.

The judge said the two had founded the company, which floated on the stock market in 2013.

Mr Ross said Mr Misra held £26.9 million worth of shares on trust for him, and that Mr Misra had ‘orally agreed’ to hold the shares a decade ago.

Mr Misra denied that he held shares on trust and denied any ‘betrayal’. He said the shares were transferred to him under a share and purchase agreement and said Mr Ross had become insolvent due to the failure of other business ventures.
Judge Kimbell said he was satisfied, on a balance of probabilities, that the share and purchase agreement was genuine and intended by both men to be binding, adding that he was ‘more than satisfied’, on a balance of probabilities, that Mr Misra had not promised to hold any Safestyle shares on trust for Mr Ross.

The judge said Mr Ross had failed in his claim and would have to pick up Mr Misra's legal bills plus his own.
Mr Misra’s lawyers told the judge their bill was £1.8 million.

The judge said Mr Ross had recovered from insolvency in 2010, and was now back in the window installation business at director level.