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Synopsis

The National Company Law Tribunal, Allahabad bench, Prayagraj recently issued notice in a company petition filed by a director of Jagran Media Network Investment Private Limited Mahender Mohan Gupta, and his son Shailesh Gupta alleging oppression by the majority shareholders in the company.

Jagran Media Network Investment Private Limited's subsidiary, Jagran Prakashan Limited, publishes the newspaper ‘Dainik Jagran’ which is a well-known publication in Hindi heartland.

While passing the order, the bench comprising Praveen Gupta, Member (Judicial), and Ashish Verma, Member (Technical) refrained from granting any interim relief in the petition.

The bench issued notice and directed the parties to complete the pleadings in a given timeframe while posting the matter for further hearing on August 9, 2023. 

The ‘Dainik Jagran’ Newspaper was founded by Puran Chandra Gupta, and after his demise, the 'Gupta family’ comprising of six branches of his legal heirs controls the family business.

Mahendra Mohan Gupta and his son, the petitioners, filed a plea before the NCLT seeking stay of a proposed board meeting of Jagran Media Network Private Limited, wherein the board proposed to nominate members for representation in the meetings of the listed company.

It is Gupta's claim that he is the authorized representative of the private company and has the exclusive right to represent it in the listed company’s meetings or elsewhere. However, other branches of the family dispute his claim.

Though issuing notice to the respondents in the plea, the Tribunal did not stay the proposed board meeting.

The petitioners were represented by Senior Advocates Harish N. Salve, Arun Kathpalia, Krishnendu Dutta, Mr. Anurag Khanna along with Advocates Sunil Fernandes, Varad Nath, Rajat Jariwal, Prerna Singh, Nastassia Khurana and Aayushi Khurana.

The legal team representing and advising the majority shareholders of the Gupta Family (the respondents) consisted of Ruby Singh Ahuja, Vishal Gehrana, Hancy Maini, Tahira Karanjawala, Ashutosh P. Shukla, Megha Dugar, who are all advocates from Karanjawala and Company.

Senior Advocates Mukul Rohatgi, Dr Abhishek Manu Singhvi, Dr. U.K. Chaudhary, Naveen Sinha, and Amit Saxena, argued the matter on behalf of the respondents. Advocates Rahul Agrawal and Yashonidhi Shukla also appeared for the respondents.

Case Title: MAHENDRA MOHAN GUPTA & ORS. V/S DEVENDRA MOHAN GUPTA & ORS.