New Delhi, Nov. 6 -- In a major legal victory for BharatPe, a division bench of the Delhi High Court on Thursday upheld the fintech firm's shareholder and veto rights, ruling that Unity Small Finance Bank, its joint venture with Centrum Financial, cannot decide on reserved matters without BharatPe's prior consent. In doing so, it upheld the interim protection granted to the fintech firm in July. The judgement was made public on Friday.

"The court has now, on two occasions, declined to permit the bank and its promoter to proceed on reserved matters without RIPL's (Resilient Innovations Private Limited's) prior written consent, as required under the shareholders' agreement (SHA)," BharatPe said in a statement. RIPL is the parent company of...