Karanjawala & Co Represents Directors of JMNIPL Before NCLAT In Dainik Jagran Shareholders Dispute
The EGM was requisitioned by Jagran Media Network Investment Private Limited (JMNIPL), the holding company and 67.97% majority shareholder of JPL.
In a significant development in the shareholders dispute between the Gupta family members of the Dainik Jagran group, the National Company Law Appellate Tribunal, at New Delhi (“Hon’ble NCLAT”) has permitted the Extraordinary General Meeting (EGM) of Jagran Prakashan Limited (JPL) to proceed as scheduled on 29.05.2026.
NCLAT has directed that implementation of any resolutions passed therein shall remain in abeyance until final adjudication of the proceedings pending before the Ld. National Company Law Tribunal, Allahabad Bench (“Ld. NCLT”).
The EGM was requisitioned by Jagran Media Network Investment Private Limited (JMNIPL), the holding company and 67.97% majority shareholder of JPL, seeking removal of certain directors from the Board of JPL on the ground that they were illegally appointed against the wishes of the majority shareholder of JPL. It was alleged that Mr. Mahendra Mohan Gupta has no right to vote for their appointment.
The NCLAT, keeping in view the landmark decision in the case of Life Insurance Corporation of India Ltd. v. Escorts Ltd., refused to grant any stay on the holding of the EGM, however, in view of the disputes pending adjudication before the Ld. NCLT, the Hon’ble NCLAT has directed that the decisions in the EGM be kept in abeyance pending adjudication of the company petition before the Ld. NCLT. This is another step towards the dispute between the Gupta family members wherein Mr. Mahendra Mohan Gupta, who is in minority and is claiming a right to vote on behalf of JMNIPL in the pending Company Petition while the majority of Gupta family claims otherwise, and thus they had moved requisition for removal of the directors.
The majority shareholders and directors of JMNIPL were represented by Dr. Abhishek Manu Singhvi, Sr. Adv. U.K. Chaudhary, Sr. Adv. briefed by a team from law firm Karanjawala & Co. Advocates led by Ruby Singh Ahuja, Senior Partner Arjun Sharma, Associate Partner, Megha Dugar, Piyush Sharma and Varsha Himatsingha, Senior Associates.
JMNIPL was represented before the Hon’ble NCLAT by Darius J. Khambata, Sr. Adv. Rajiv Nayar, Sr. Adv. Abhijeet Sinha, Sr. Adv. briefed by Ruchira Gupta, Adv.
JPL was represented by Kapil Sibal, Sr. Adv. Abhishek Malhotra, Sr. Adv. Mahendra Mohan Gupta was represented by C.A. Sundaram, Sr. Adv. Arun Kathpalia, Sr. Adv. Krishnendu Datta, Sr. Adv. briefed by Trilegal.