The National Company Law Tribunal (NCLT), Allahabad bench, Prayagraj, has recently issued a notice in a company petition filed by Mahender Mohan Gupta, a director of Jagran Media Network Investment Private Limited, and his son Shailesh Gupta. The petition alleges oppression by the majority shareholders within the company, which is a subsidiary of Jagran Prakashan Limited, the publisher of the renowned Hindi newspaper, ‘Dainik Jagran.’
Puran Chandra Gupta founded the ‘Dainik Jagran’ newspaper, and after his passing, control of the family business was taken up by the ‘Gupta family,’ comprising six branches of his legal heirs.
Track your NCLT / NCLAT cases or orders in your apple iOS / Google Android smartphones. Available for free trial period of 15 days.
The petitioners sought the NCLT’s intervention to stay a proposed board meeting of Jagran Media Network Private Limited. In this meeting, the board intended to nominate members for representation in the meetings of the listed company.
Mahendra Mohan Gupta asserts that he is the authorized representative of the private company and holds exclusive rights to represent it in meetings or any other official capacity. However, other branches of the Gupta family dispute his claim.
While the bench, consisting of Praveen Gupta (Member – Judicial) and Ashish Verma (Member – Technical), issued notice to the respondents, they did not grant interim relief to stay the proposed board meeting.
The parties involved have been directed to complete the necessary pleadings within a given timeframe, and the matter is scheduled for further hearing on August 9, 2023.
