Jagran Prakashan files BSE disclosure on family dispute
The petition was filed by Mahendra Mohan Gupta, Shailesh Gupta, & VRSM Enterprises LLP before the NCLT, Allahabad
Jagran Prakashan has filed a disclosure statement on September 25 in the pending matter in NCLT. Titled- Mahendra Mohan Gupta and Devendra Mohan Gupta and C.P., the matter pertains to seeking urgent reliefs to secure interim management in the company.
The group informed BSE that the company had filed an application on the same matter on September 25. In the said application, the company requested the following interim reliefs: pass appropriate and necessary directions appointing a fit and proper person as an administrator, without supersession of the board, to oversee, regulate, and manage the affairs of the company and to file a monthly report before the Tribunal with a copy to JPL.
Company also requested to permit the company's board to identify a qualified and independent professional in the capacity of a Chief Executive Officer (CEO), or by whatever name called, to assist and work under the supervision of the administrator so appointed, within a reasonable period with the Tribunal's approval. Another request they made was to pass appropriate and necessary directions extending the term of the petitioner as the MD of the company till such CEO is identified, to work under the supervision of the Administrator appointed by the Hon'ble Tribunal.
The company was served with an oppression petition on July 10, 2023 filed by Mahendra Mohan Gupta, Chairman & MD, Shailesh Gupta, Whole time director of the company and VRSM Enterprises LLP before the National Company Law Tribunal, Allahabad. The petitioners hold 16.18% shareholding in Jagran Media Network Investment Private Limited (JMNIPL), which holds 67.97% shareholding in the company.
The Petitioners’ indirect and direct shareholding in the company aggregates to 11.29%. The shareholding of JMNIPL is completely held by the members of the Gupta family, which includes the petitioners.
In the intimation to BSE, the petition raises issues concerning oppression of the minority shareholders i.e. the petitioners, by the majority shareholders i.e. the other members of Gupta family, both at the JMNIPL and the company level. In addition to the said other shareholders, JMNIPL and the company have also been impleaded as respondents.
