Management Dispute In Dainik Jagran Group; NCLT Allahabd Issues Notice
Pallavi Mishra
20 July 2023 5:35 AM GMT
The National Company Law Tribunal (NCLT), Allahabad Bench, comprising of Shri Praveen Gupta (Judicial Member) and Shri Ashish Verma (Technical Member), while adjudicating a petition filed in the matter of Mahendra Mohan Gupta & Ors. v Devendra Mohan Gupta & Ors., has issued notice in a company petition filed by the Director (Mr. Mahender Mohan Gupta) of Jagran Media...
The National Company Law Tribunal (NCLT), Allahabad Bench, comprising of Shri Praveen Gupta (Judicial Member) and Shri Ashish Verma (Technical Member), while adjudicating a petition filed in the matter of Mahendra Mohan Gupta & Ors. v Devendra Mohan Gupta & Ors., has issued notice in a company petition filed by the Director (Mr. Mahender Mohan Gupta) of Jagran Media Network Investment Pvt. Ltd. and Jagran Prakashan Limited, alleging oppression by the majority shareholders.
The Dainik Jagran Group is presently being run by the families of the Late Mr. Puran Chandra Gupta’s sons. One of the sons have filed a company petition alleging oppression by majority shareholders, who happen to be the other members of the Gupta Family.
Background Facts
‘Dainik Jagran’ is a well-known daily Hindi newspaper in circulation in Uttar Pradesh and it was founded by Late Mr. Puran Chandra Gupta. After the demise of Late Mr. Puran, who was survived by his six sons, the ‘Gupta Family’ comprising of six branches of his legal heirs controls the family business.
Mr. Mahender Mohan Gupta (“Petitioner”) being one of the sons, is the director of Jagran Media Network Investment Pvt. Ltd. and its subsidiary, Jagran Prakashan Limited (listed company), which publishes the ‘Dainik Jagran’ newspaper.
In a Board Meeting of Jagran Media Network Investment Pvt. Ltd., the Board proposed to nominate members for representation in the meetings of Jagran Prakashan Limited. Mr. Mahendra sought stay of the proposed Board Meeting, however, no stay has been granted by the Court.
Mr. Mahendra Mohan Gupta claimed himself to be the Authorized Representative of Jagran Media Network Investment Pvt. Ltd. and to have exclusive right to represent it in Jagran Prakashan Limited’s meetings or elsewhere. However, other branches of the family disputed his claim. Under these circumstances, Mr. Mahendra alongwith his son has filed a petition under the Companies Act, 2013 before the NCLT, alleging oppression by the majority shareholders, who are the other members of the Gupta Family.
NCLT Proceedings
In a hearing held on 12.07.2023, the NCLT declined to grant any interim relief. Notice has been issued to the Respondents and the parties have been directed to complete the pleadings within the given time frame.
“Let notice be issued to the Respondents. Ld. Sr. Counsels assisted by their assisting counsels are present. Let replies, if any be filed by the respective respondents within a period of two weeks with an advance copy to be supplied to the counsel opposite. Thereafter, rejoinder if any be filed within a period of ten days.”
The matter is next listed on 09.08.2023.
Case Title: Mahendra Mohan Gupta & Ors. v Devendra Mohan Gupta & Ors.
Case No.: CP No.64/ALD/2023
Counsel For Petitioners: Sh. Harish Salve (Sr. Adv.), Sh. Arun Kathpalia (Sr. Adv.), Sh. Krishnendu Datta (Sr. Adv.), Sh. Anurag Khanna (Sr. Adv.).
Sh. Sunil Fernandes, Sh. Rajat Jariwal, Sh. Abhishek Iyer, Ms. Nastassia Khurana, Sh. Varad Nath, Ms. Archi Agarwal, Ms. Aayushi Khurana, Ms. Shatakshi Tripathi, Ms. Prerna Singh, and Sh. Raghav Dev Garg, Advocates.
Counsel For Respondents: Dr. Abhishek Manu Singhvi (Sr. Adv.), Sh. Mukul Rohtagi (Sr. Adv.), Sh. Naveen Sinha (Sr. Adv.), Dr. U.K. Chaudhary (Sr. Adv.).
Sh. Rahul Agarwal, Sh. Amit Saxena, Ms. Tahira Karanjawala, Sh. Yashonidhi Shukla, Sh. Vishal Gehrana, Ms. Megha Dugar, Sh. Nishant Mehrotra, Ms. Ruby Singh Ahuja, Ms. Hancy Maini, Sh. Ashutosh P. Shukla. (Advocates)
