JAGRAN MEDIA NETWORK INVESTMENT PRIVATELIMITED vs Mahendra Mohan Gupta

Judicial Analysis Court Copy Headnote Facts Arguments Court observation

2026 Supreme(Online)(NCLT) 2469

IN THE NATIONAL COMPANY LAW TRIBUNAL, ALLAHABAD BENCH, PRAYAGRAJ (Under Section 241/242(4) of Companies Act, 2013 and Rule 32 read with Rule 11 of the National Company Law Tribunal Rules, 2016)
IN THE MATTER OF:
JAGRAN MEDIA NETWORK INVE STMENT PRIVATE LIMITED
2, Sarvodaya Nagar, Kanpur Uttar Pradesh, India-208005 ………APPLICANT/ RESPONDENT NO.18 Versus MAHENDRA MOHAN GUPTA S/o Late Mr. Puran Chandra Gupta
2, Sarvodaya Nagar, Kanpur,U.P.
Also at:
R/o Puran Niwas, 7/51, Tilak Nagar, Kanpur, U.P.
Working as: Chairman and Director Jagran Media Network Investment Pvt.
Ltd. and Non-Executive Chairman Jagran Prakashan Limited.
...... RESPONDENT NO.1 SHAILESH GUPTA S/o Dr. Mahendra Mohan Gupta, 2, Sarvodaya Nagar, Kanpur, U.P., India-208005 Also at:
R/o Puran Niwas, 7/51, Tilak Nagar, Kanpur, U.P.- 208002 Working as: Whole-time Director, Jagran Prakashan Limited ...... RESPONDENT NO.2 VRSM ENTERPRISES LLP Through its authorized representatives, Dr. Mahendra Mohan Gupta
2, Sarvodaya Nagar, Kanpur, U.P.-208005 ...... RESPONDENT NO.3 DEVENDRA MOHAN GUPTA S/o Late Puran Chandra Gupta Director- Jagran Media Network Investment Pvt. Ltd., Non-Executive Director, Jagran Prakashan Limited
2, Sarvodaya Nagar, Kanpur, U.P. India-208005 Also at:
R/o Puran Niwas, 7/51, Tilak Nagar, Kanpur, Uttar Pradesh-208002 ...... RESPONDENT NO.4 DHIRENDRA MOHAN GUPTA S/o Late Puran Chandra Gupta, Director- Jagran Media Network Investment Pvt. Ltd.
Whole-Time Director- Jagran Prakashan Limited
2, Sarvodaya Nagar, Kanpur, U.P.-208005 Also at:
R/o Puran Niwas, 7/51, Tilak Nagar, Kanpur, U.P.-208002 ...... RESPONDENT NO.5 SHAILENDRA MOHAN GUPTA S/o Late Puran Chandra Gupta, Whole-time Director- Jagran Media Network Investment Pvt. Ltd.
Non-Executive Director- Jagran Prakashan Limited
2, Sarvodaya Nagar, Kanpur, U.P.-208005 Also at:
R/o Puran Niwas, 7/51, Tilak Nagar, Kanpur, Uttar Pradesh-208002 ...... RESPONDENT NO.6 VIJAYA GUPTA W/o Late Yogendra Mohan Gupta R/o Puran Niwas, 7 /51, Tilak Nagar, Kanpur, Uttar Pradesh-208002 ...... RESPONDENT NO.7 SANJAY GUPTA S/o Late Narendra Mohan Gupta Director- Jagran Media Network Investment Private Limited, Whole-time Director- Jagran Prakashan Limited
2, Sarvodaya Nagar, Kanpur, Uttar Pradesh-208005 Also at:
R/o Puran Niwas, 7/51, Tilak Nagar, Kanpur, Uttar Pradesh-208002 ...... RESPONDENT NO.8 SANDEEP GUPTA S/o Late Narendra Mohan Gupta Whole-time Director- Jagran Prakashan Limited R/o Puran Niwas, 7 /51, Tilak Nagar, Kanpur, Uttar Pradesh-208002 ...... RESPONDENT NO.9 SUNIL GUPTA S/o Late Yogendra Mohan Gupta Director- Jagran Media Network Investment Private Limited, Whole-time Director- Jagran Prakashan Limited
2, Sarvodaya Nagar, Kanpur, Uttar Pradesh-208005 Also, at:
R/o Puran Niwas, 7/51, Tilak Nagar, Kanpur, Uttar Pradesh-208002 ...... RESPONDENT NO.10 SAMEER GUPTA S/o Late Yogendra Mohan Gupta R/o Puran Niwas, 7/51, Tilak Nagar, Kanpur, Uttar Pradesh-208002 ...... RESPONDENT NO.11 SIDDHARTHA GUPTA S/o Mr. Shailendra Mohan Gupta R/o Puran Niwas, 7/51, Tilak Nagar, Kanpur, Uttar Pradesh-208002 ...... RESPONDENT NO.12 RAJNI GUPTA W/o Mr. Shailendra Mohan Gupta R/o Puran Niwas. 7/5l, Tilak Nagar, Kanpur, Uttar Pradesh-208002 ...... RESPONDENT NO.13 BHARAT GUPTA S/o Mr. Devendra Mohan Gupta R/o Puran Niwas, 7/51, Tilak Nagar, Kanpur, Uttar Pradesh-208002 ...... RESPONDENT NO.14 TARUN GUPTA S/o Mr. Dhirendra Mohan Gupta R/o Puran Niwas, 7/51, Tilak Nagar, Kanpur, Uttar Pradesh-208002 ...... RESPONDENT NO.15 DEVESH GUPTA S/o Mr. Dhirendra Mohan Gupta R/o Puran Ni was, 7/51, Tilak Nagar, Kanpur, Uttar Pradesh-208002 ...... RESPONDENT NO.16 RAHUL GUPTA S/o Mr. Devendra Mohan Gupta R/o Puran Niwas. 7/51, Tilak Nagar, Kanpur, Uttar Pradesh-208002 ...... RESPONDENT NO.17 SAROJ GUPTA W/o Late Narendra Mohan Gupta R/o Puran Niwas, 7/51, Tilak Nagar, 5 Kanpur, Uttar Pradesh-208002 ...... RESPONDENT NO.18 MADHU GUPTA W/o Dhirendra Mohan Gupta R/o Puran Niwas, 7/51, Tilak Nagar, Kanpur, Uttar Pradesh-208002 ...... RESPONDENT NO.19 RAJ GUPTA W/o Devendra Mohan Gupta R/o Puran Niwas, 7/51, Tilak Nagar, Kanpur, Uttar Pradesh-208002 ...... RESPONDENT NO.20 JAGRAN PRAKASHAN LIMITED Jagran Building, 2 Sarvodaya Nagar, Kanpur, Uttar Pradesh, India- 208005 ...... RESPONDENT NO.21 AND IN THE MATTER OF:
JAGRAN PRAKASHAN LIMITED Through its Chief Financial Officer and Company Secretary, Mr. Amit Jaiswal Jagran Building, 2 Sarvodaya Nagar, Kanpur, Uttar Pradesh, India-208005.
………APPLICANT/ RESPONDENT NO. 19 Versus MAHENDRA MOHAN GUPTA S/o Late Mr. Puran Chandra Gupta
2, Sarvodaya Nagar, Kanpur, U.P. India-208005 Also at:
R/o Puran Niwas, 7/51, Tilak Nagar, Kanpur, Uttar Pradesh-208002 Working as: Chairman and Director- Jagran Media Network Investment Pvt. Ltd. and Non-Executive Chairman- Jagran Prakashan Limited.
...... OPP. PARTY NO.1/PETITIONER NO.1 SHAILESH GUPTA S/o Mr. Mahendra Mohan Gupta
2, Sarvodaya Nagar, Kanpur, U.P. India-208005 Also at:
R/o Puran Niwas, 7/51, Tilak Nagar, Kanpur, Uttar Pradesh-208002 Working as: Whole-time Director- Jagran Prakashan Limited ...... OPP. PARTY NO.2/PETITIONER NO.2 VSRM ENTERPRISES LLP Through its authorized representatives, Mr. Mahendra Mohan Gupta
2, Sarvodaya Nagar, Kanpur, Uttar Pradesh-208005 ...... OPP. PARTY NO.3/PETITIONER NO.3 DEVENDRA MOHAN GUPTA S/o Late Puran Chandra Gupta Director- Jagran Media Network Investment Pvt. Ltd. and Non-Executive Director- Jagran Prakashan Limited 2, Sarvodaya Nagar, Kanpur, Uttar Pradesh-208005 Also at:
R/o Puran Niwas, 7/51, Tilak Nagar, Kanpur, Uttar Pradesh-208002 ...... OPP. PARTY NO.4/RESPONDENT NO.1 DHIRENDRA MOHAN GUPTA S/o Late Puran Chandra Gupta, Director- Jagran Media Network Investment Pvt. Ltd.
Whole-Time Director- Jagran Prakashan Limited
2, Sarvodaya Nagar, Kanpur, Uttar Pradesh-208005 Also at:
R/o Puran Niwas, 7/51, Tilak Nagar, Kanpur, Uttar Pradesh-208002 ...... OPP. PARTY NO.5/RESPONDENT NO.2 SHAILENDRA MOHAN GUPTA S/o Late Puran Chandra Gupta, Whole-time Director- Jagran Media Network Investment Pvt. Ltd.
Non-Executive Director- Jagran Prakashan Limited 2, Sarvodaya Nagar, Kanpur, Uttar Pradesh-208005 Also at:
R/o Puran Niwas, 7/51, Tilak Nagar, Kanpur, Uttar Pradesh-208002 ...... OPP. PARTY NO.6/RESPONDENT NO.3 VIJAYA GUPTA W/o Late Yogendra Mohan Gupta R/o Puran Ni was, 7 /51, Tilak Nagar, Kanpur, Uttar Pradesh-208002 ......OPP. PARTY NO. 7/ RESPONDENT NO. 4 SANJAY GUPTA S/o Late Narendra Mohan Gupta Director- Jagran Media Network Investment Private Limited, Whole-time Director- Jagran Prakashan Limited
2, Sarvodaya Nagar, Kanpur, Uttar Pradesh-208005 Also at:
R/o Puran Niwas, 7/51, Tilak Nagar, Kanpur, Uttar Pradesh-208002 ........OPP. PARTY NO.8/RESPONDENT NO.5 SANDEEP GUPTA S/o Late Narendra Mohan Gupta Whole-time Director- Jagran Prakashan Limited R/o Puran Niwas, 7 /51, Tilak Nagar, Kanpur, Uttar Pradesh-208002 .......OPP. PARTY NO.9/ RESPONDENT NO. 6 SUNIL GUPTA S/o Late Yogendra Mohan Gupta Director- Jagran Media Network Investment Private Limited, Whole-time Director- Jagran Prakashan Limited
2, Sarvodaya Nagar, Kanpur, Uttar Pradesh-208005 Also, at:
R/o Puran Niwas, 7/51, Tilak Nagar, Kanpur, Uttar Pradesh-208002 .......OPP. PARTY NO. 10/ RESPONDENT NO. 7 SAMEER GUPTA S/o Late Yogendra Mohan Gupta R/o Puran Niwas, 7/51, Tilak Nagar, Kanpur, Uttar Pradesh-208002 .......OPP. PARTY NO. 11/ RESPONDENT NO. 8 SIDDHARTHA GUPTA S/o Mr. Shailendra Mohan Gupta R/o Puran Niwas, 7/51, Tilak Nagar, Kanpur, Uttar Pradesh-208002 .......OPP. PARTY NO. 12/ RESPONDENT NO. 9 RAJNI GUPTA W/o Mr. Shailendra Mohan Gupta R/o Puran Niwas 7/5l, Tilak Nagar, Kanpur, Uttar Pradesh-208002 ........OPP. PARTY NO. 13/RESPONDENT NO. 10 BHARAT GUPTA S/o Mr. Devendra Mohan Gupta R/o Puran Niwas, 7/51, Tilak Nagar, Kanpur, Uttar Pradesh-208002 .......OPP. PARTY NO. 14/ RESPONDENT NO. 11 TARUN GUPTA S/o Mr. Dhirendra Mohan Gupta R/o Puran Niwas, 7151, Tilak Nagar, Kanpur, Uttar Pradesh-208002 .......OPP. PARTY NO. 15/RESPONDENT NO. 12 DEVESH GUPTA S/o Mr. Dhirendra Mohan Gupta R/o Puran Ni was, 7/51, Tilak Nagar, Kanpur, Uttar Pradesh-208002 .......OPP. PARTY NO. 16/ RESPONDENT NO. 13 RAHUL GUPTA S/o Mr. Devendra Mohan Gupta R/o Puran Niwas. 7/51, Tilak Nagar, Kanpur, Uttar Pradesh-208002 .......OPP. PARTY NO. 17/ RESPONDENTNO. 14 SAROJ GUPTA W/o Late Narendra Mohan Gupta R/o Puran Niwas, 7/51, Tilak Nagar, Kanpur, Uttar Pradesh-208002 ........OPP. PARTY NO. 18/ RESPONDENTNO. 15 MADHU GUPTA W/o Dhirendra Mohan Gupta R/o Puran Niwas, 7/51, Tilak Nagar, Kanpur, Uttar Pradesh-208002 .......OPP. PARTY NO. 19/ RESPONDENT NO. 16 RAJ GUPTA W/o Devendra Mohan Gupta R/o Puran Niwas, 7/51, Tilak Nagar, Kanpur, Uttar Pradesh-208002 .......OPP. PARTY NO. 20/ RESPONDENT NO. 17 JAGRAN MEDIA NETWORK INVESTMENT PRIVATE LIMITED
2, Sarvodaya Nagar, Kanpur, Uttar Pradesh, India-208005 ... OPP. PARTY NO. 21/ RESPONDENT NO. 18 AND IN THE MATTER OF:
DHIRENDRA MOHAN GUPTA S/o Late Puran Chandra Gupta, Director- Jagran Media Network Investment Pvt. Ltd.
Whole-Time Director- Jagran Prakashan Limited
2, Sarvodaya Nagar, Kanpur, Uttar Pradesh-208005 Also at:
R/o Puran Niwas, 7/51, Tilak Nagar, Kanpur, Uttar Pradesh-208002 ...... APPLICANT NO. 1/RESPONDENT NO. 2 SANJAY GUPTA S/o Late Narendra Mohan Gupta Director- Jagran Media Network Investment Private Limited, Whole-time Director- Jagran Prakashan Limited
2, Sarvodaya Nagar, Kanpur, Uttar Pradesh-208005 Also at:
R/o Puran Niwas, 7/51, Tilak Nagar, Kanpur, Uttar Pradesh-208002 ...... APPLICANT NO. 2/RESPONDENT NO. 5 Versus MAHENDRA MOHAN GUPTA S/o Late Mr. Puran Chandra Gupta 2, Sarvodaya Nagar, Kanpur, Uttar Pradesh, India-208005 Also at:
R/o Puran Niwas, 7/51, Tilak Nagar, Kanpur, Uttar Pradesh-208002 Working as: Chairman and Director- Jagran Media Network Investment Pvt. Ltd. and Non-Executive Chairman- Jagran Prakashan Limited.
...... RESPONDENT NO.1 SHAILESH GUPTA S/o Dr. Mahendra Mohan Gupta
2, Sarvodaya Nagar, Kanpur, U.P., India-208005 Also at:
R/o Puran Niwas, 7/51, Tilak Nagar, Kanpur, U.P.-208002 Working as: Whole-time Director- Jagran Prakashan Limited ........RESPONDENT NO.2 VSRM ENTERPRISES LLP Through its authorized representatives, Mr. Mahendra Mohan Gupta 2, Sarvodaya Nagar, Kanpur, Uttar Pradesh-208005 ........RESPONDENT NO.3 DEVENDRA MOHAN GUPTA S/o Late Puran Chandra Gupta Director- Jagran Media Network Investment Pvt. Ltd. and Non-Executive Director- Jagran Prakashan Limited 2, Sarvodaya Nagar, Kanpur, Uttar Pradesh-208005 Also at:
R/o Puran Niwas, 7/51, Tilak Nagar, Kanpur, Uttar Pradesh-208002 .........RESPONDENT NO.4 SHAILENDRA MOHAN GUPTA S/o Late Puran Chandra Gupta, Whole-time Director- Jagran Media Network Investment Pvt. Ltd.
Non-Executive Director- Jagran Prakashan Limited
2, Sarvodaya Nagar, Kanpur, U.P. India-208005 Also at:
R/o Puran Niwas, 7/51, Tilak Nagar, Kanpur, Uttar Pradesh-208002 ..............RESPONDENT NO.5 VIJAYA GUPTA W/o Late Yogendra Mohan Gupta R/o Puran Ni was, 7 /51, Tilak Nagar, Kanpur, Uttar Pradesh-208002 ..........RESPONDENT NO.6 SANDEEP GUPTA S/o Late Narendra Mohan Gupta Whole-time Director- Jagran Prakashan Limited R/o Puran Niwas, 7 /51, Tilak Nagar, Kanpur, Uttar Pradesh-208002 ........RESPONDENT NO.7 SUNIL GUPTA S/o Late Yogendra Mohan Gupta Director- Jagran Media Network Investment Private Limited, Whole-time Director- Jagran Prakashan Limited
2, Sarvodaya Nagar, Kanpur, Uttar Pradesh- 208005 Also, at:
R/o Puran Niwas, 7/51, Tilak Nagar, Kanpur, Uttar Pradesh-208002 .........RESPONDENT NO.8 SAMEER GUPTA S/o Late Yogendra Mohan Gupta R/o Puran Niwas, 7/51, Tilak Nagar, Kanpur, Uttar Pradesh-208002 ........RESPONDENT NO.9 SIDDHARTHA GUPTA S/o Mr. Shailendra Mohan Gupta R/o Puran Niwas, 7/51, Tilak Nagar, Kanpur, Uttar Pradesh-208002 ..........RESPONDENT NO.10 RAJNI GUPTA W/o Mr. Shailendra Mohan Gupta R/o Puran Ni was. 7/5l, Tilak Nagar, Kanpur, Uttar Pradesh-208002 ...... RESPONDENT NO.11 BHARAT GUPTA S/o Mr. Devendra Mohan Gupta R/o Puran Niwas, 7/51, Tilak Nagar, Kanpur, Uttar Pradesh-208002 .........RESPONDENT NO.12 TARUN GUPTA S/o Mr. Dhirendra Mohan Gupta R/o Puran Niwas, 7/51, Tilak Nagar, Kanpur, Uttar Pradesh-208002 ..........RESPONDENT NO.13 DEVESH GUPTA S/o Mr. Dhirendra Mohan Gupta R/o Puran Niwas, 7/51, Tilak Nagar, Kanpur, Uttar Pradesh-208002 ..........RESPONDENT NO.14 RAHUL GUPTA S/o Mr. Devendra Mohan Gupta R/o Puran Niwas. 7/51, Tilak Nagar, Kanpur, Uttar Pradesh-208002 .........RESPONDENT NO.15 SAROJ GUPTA W/o Late Narendra Mohan Gupta R/o Puran Niwas, 7/51, Tilak Nagar, Kanpur, Uttar Pradesh-208002 .........RESPONDENT NO.16 MADHU GUPTA W/o Dhirendra Mohan Gupta R/o Puran Niwas, 7/51, Tilak Nagar, Kanpur, Uttar Pradesh-208002 .......RESPONDENT NO.17 RAJ GUPTA W/o Devendra Mohan Gupta R/o Puran Niwas, 7/51, Tilak Nagar, Kanpur, Uttar Pradesh-208002 ......RESPONDENT NO.18 JAGRAN MEDIA NETWORK INVESTMENT PRIVATE LIMITED
2, Sarvodaya Nagar, Kanpur, Uttar Pradesh, lndia-208005 .......RESPONDENT NO. 19 JAGRAN PRAKASHAN LIMITED Jagran Building, 2 Saravodaya Nagar, Kanpur, Uttar Pradesh, India- 208005 .......RESPONDENT NO. 20 AND IN THE MATTER OF:
MAHENDRA MOHAN GUPTA S/o Late Mr. Puran Chandra Gupta
2, Sarvodaya Nagar, Kanpur, Uttar Pradesh- 208005 Also at:
R/o Puran Niwas, 7/51, Tilak Nagar, Kanpur, Uttar Pradesh- 208002 Working as: Chairman and Director- Jagran Media Network Investment Pvt. Ltd. and Non-Executive Chairman- Jagran Prakashan Limited.
......PETITIONER NO.1 SHAILESH GUPTA S/o Dr. Mahendra Mohan Gupta
2, Sarvodaya Nagar, Kanpur, Uttar Pradesh- 208005 Also at:
R/o Puran Niwas, 7/51, Tilak Nagar, Kanpur, Uttar Pradesh- 208002 Working as: Whole-time Director- Jagran Prakashan Limited ......PETITIONER NO.2 VRSM ENTERPRISES LLP Through its authorized representatives, Dr. Mahendra Mohan Gupta
2, Sarvodaya Nagar, Kanpur, U.P.
......PETITIONER NO.3 Versus DEVENDRA MOHAN GUPTA S/o Late Puran Chandra Gupta Director- Jagran Media Network Investment Pvt. Ltd. and Non-Executive Director- Jagran Prakashan Limited 2, Sarvodaya Nagar, Kanpur, Uttar Pradesh- 208005 Also at:
R/o Puran Niwas, 7/51, Tilak Nagar, Kanpur, Uttar Pradesh- 208002 ......RESPONDENT NO.1 DHIRENDRA MOHAN GUPTA S/o Late Puran Chandra Gupta, Director- Jagran Media Network Investment Pvt. Ltd.
Whole-Time Director- Jagran Prakashan Limited
2, Sarvodaya Nagar, Kanpur, Uttar Pradesh- 208005 Also at:
R/o Puran Niwas, 7/51, Tilak Nagar, Kanpur, Uttar Pradesh- 208002 ......RESPONDENT NO.2 SHAILENDRA MOHAN GUPTA S/o Late Puran Chandra Gupta, Whole-time Director- Jagran Media Network Investment Pvt. Ltd.
Non-Executive Director- Jagran Prakashan Limited 2, Sarvodaya Nagar, Kanpur, Uttar Pradesh- 208005 Also at:
R/o Puran Niwas, 7/51, Tilak Nagar, Kanpur, Uttar Pradesh- 208002 ............RESPONDENT NO.3 VIJAYA GUPTA W/o Late Yogendra Mohan Gupta R/o Puran Ni was, 7 /51, Tilak Nagar, Kanpur, Uttar Pradesh- 208002 ............RESPONDENT NO.4 SANJAY GUPTA S/o Late Narendra Mohan Gupta Director- Jagran Media Network Investment Private Limited, Whole-time Director- Jagran Prakashan Limited
2, Sarvodaya Nagar, Kanpur, Uttar Pradesh-208005 Also at:
R/o Puran Niwas, 7/51, Tilak Nagar, Kanpur, Uttar Pradesh- 208002 ............RESPONDENT NO.5 SANDEEP GUPTA S/o Late Narendra Mohan Gupta Whole-time Director- Jagran Prakashan Limited R/o Puran Ni was, 7 /51, Tilak Nagar, Kanpur, Uttar Pradesh-208002 ............RESPONDENT NO.6 SUNIL GUPTA S/o Late Yogendra Mohan Gupta Director, Jagran Media Network Investment Private Limited, Whole-time Director Jagran Prakashan Limited 2, Sarvodaya Nagar, Kanpur, Uttar Pradesh-208005 Also, at:
R/o Puran Niwas, 7/51, Tilak Nagar, Kanpur, Uttar Pradesh-208002 ............RESPONDENT NO.7 SAMEER GUPTA S/o Late Yogendra Mohan Gupta R/o Puran Niwas, 7/51, Tilak Nagar, Kanpur, Uttar Pradesh-208002 ............RESPONDENT NO.8 SIDDHARTHA GUPTA S/o Mr. Shailendra Mohan Gupta R/o Puran Niwas, 7/51, Tilak Nagar, Kanpur, Uttar Pradesh-208002 ............RESPONDENT NO.9 RAJNI GUPTA W/o Mr. Shailendra Mohan Gupta R/o Puran Niwas. 7/5l, Tilak Nagar, Kanpur, Uttar Pradesh-208002 ............RESPONDENT NO.10 BHARAT GUPTA S/o Mr. Devendra Mohan Gupta R/o Puran Niwas, 7/51, Tilak Nagar, Kanpur, Uttar Pradesh-208002 ............RESPONDENT NO.11 TARUN GUPTA S/o Mr. Dhirendra Mohan Gupta R/o Puran Niwas, 7151, Tilak Nagar, Kanpur, Uttar Pradesh-208002 ............RESPONDENT NO.12 DEVESH GUPTA S/o Mr. Dhirendra Mohan Gupta R/o Puran Ni was, 7/51, Tilak Nagar, Kanpur, Uttar Pradesh-208002 ............RESPONDENT NO.13 RAHUL GUPTA S/o Mr. Devendra Mohan Gupta R/o Puran Niwas. 7/51, Tilak Nagar, Kanpur, Uttar Pradesh-208002 ............RESPONDENT NO.14 SAROJ GUPTA W/o Late Narendra Mohan Gupta R/o Puran Niwas, 7/51, Tilak Nagar, Kanpur, Uttar Pradesh-208002 ............RESPONDENT NO.15 MADHU GUPTA W/o Dhirendra Mohan Gupta R/o Puran Niwas, 7/51, Tilak Nagar, Kanpur, Uttar Pradesh-208002 ............RESPONDENT NO.16 RAJ GUPTA W/o Devendra Mohan Gupta R/o Puran Niwas, 7/51, Tilak Nagar, Kanpur, Uttar Pradesh-208002 ............RESPONDENT NO.17 JAGRAN MEDIA NETWORK INVESTMENT PRIVATE LIMITED
2, Sarvodaya Nagar, Kanpur, Uttar Pradesh, lndia-208005 ............RESPONDENT NO.18 Order Pronounced On: 23.04.2026 Coram:
Mr. Praveen Gupta. : Member (Judicial)
Mr. Ashish Verma : Member (Technical)
Appearances:
Sh. C.A. Sundaram with Sh. Puneet Bali, : For the Petitioner in main Sr. Advs. assisted by Sh. Rajat Jariwal, Ms. CP & Res. nos.1 to 3 in Rohini Musa, Ms. Aayushi Khurana, Ms. CA No.04/2026, CA No. Angelika Awasthi, Sh. Varad Nath, Sh. 05/ 2026 & CA No.06/2026 Vipul Joshi, Ms. Akanksha Wadhawan, Sh.
Dev Vijay Chand & Sh.
Manish Barrua, Advs.
Dr. Abhishek Manu Singhvi, Sr. Adv. : For the Res. No.5 in main assisted by Ms. Ruby Singh Ahuja, Sh. CP & Applicant in CA Arjun Sharma, Sh. Piyush Sharma, Ms. No.06/2026 Sarah Ayreen Mir & Sh. Yashonidhi Shukla, Advs.
Sh. Kapil Sibal, Sr. Adv. & Sh. Abhishek : For the Applicant in CA Malhotra, Sr. Adv. assisted by Sh. No.05/2026 Anusha Nagarajan, Ms. Rupali Samuel, Ms. Aakanksha Bhola, Sh. Avishek Mehrotra, Sh. Shubham Aggarwal, Sh.
Kartikay Dutta, Ms. Carina Arora & Ms.
Anukriti Trivedi, Advs.
Dr. U.K. Chaudhary, Sr. Adv. assisted by : For the Res. No.12 in main Ms. Ruby Singh Ahuja with Sh. Arjun CP Sharma, Ms. Megha Dugar, Sh. Piyush Sharma, Ms. Sarah Ayreen Mir, Sh. Yashonidhi Shukla & Sh. Mansumyer, Advs.
Sh. Darius Khambata, Sr. Adv. assisted : For Applicant in CA by Ms. Ruchira Gupta & Ms. Yashika No.04/2026/JMNIPL Sharma, Advs.
Sh. Abhishek Malhotra, Sr. Adv. assisted : For the Respondent No.19 by Ms. Anusha Nagarajan with Ms. in main CP Aakanksha Bhola, Sh. Avishek Mehrotra, Sh. Shubham Aggarwal, Sh. Kartikay Dutta, Ms. Carina Arora & Ms. Anukriti Trivedi, Advs.
Sh. Jayant Mehta, Sr. Adv. assisted by Ms. : For Res. Nos.3, 9 and 10 in Taniya Pandey, Sh. Om Shelat, Sh. Satish main CP Kishanchandani, Sh. Sohil Shah & Ms.
Anushka Panchmatia, Advs.

Advocates:
For the Petitioner:Ruchira Gupta
For the Respondent:VARAD NATH

ORDER

1. This order of ours shall deal with three applications, namely CA No. 4/2026, CA No. 5/2026, and CA No. 6/2026, as common questions of fact as well as law are involved in all these applications.

CA No.4/2026

2. This application has been filed by the Jagran Media Network Investment Private Limited (hereinafter referred to as “Applicant”/ “JMNIPL”/ “Applicant Company”), who is stated to be Respondent No.18 in the main Company Petition No.64/2023. The following prayer has been made in the present application:

(A) Direct that voting in the Shareholders meeting of JPL be carried out strictly in terms of the Board Resolution dated 14.07.2023 and only by a person so authorized and by no other person;

(B) Direct that JPL's Company Secretary and Scrutinizers verify the Board authorization dated 14.07.2023 passed by the Board of JMNIPL before accepting votes cast on behalf of JMNIPL;

(C) Restrain in the interim the Independent Directors on the Board of JPL from participating or voting in the Board meetings, NRC meetings of JPL;

(D) Pass any other order or grant any other relief(s) as this Hon'ble Tribunal may deem fit.

3. As stated in the application, the Applicant Company presently holds 67.97% of the paid-up equity share capital of Respondent No. 19 Company in main company Petition No. 64/2023 and Respondent No. 21 in the instant Application, namely Jagran Prakashan Limited (“JPL”/ “Respondent No. 19 Company”), thereby constituting the Applicant Company as the holding company of JPL being majority shareholder and entitling it to exercise controlling rights as majority shareholder in JPL through its authorised representative in terms of the Companies Act, 2013, the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 (“SEBI LODR”), and the Articles of Association (“AoA”) of JPL.

4. The primary grievance as raised by the Applicant Company in the Application is regarding continued exercise of alleged illegitimate control by Mr. Mahendra Mohan Gupta (Petitioner No.1 in the Main Company Petition) over JPL' s Board and management, and systematically suppressing the legitimate exercise of rights by the JMNIPL being majority shareholder.

5. As contended in the Application that Petitioner No.1 is a member of the Gupta Family promoter group and holds only 9.21% shares in JMNIPL, however being former Chairman and Managing Director of JPL (a position he held until 2023) , he continues to wield significant de facto influence over JPL's operations through unauthorized exercise of authority and systematic manipulation of governance processes of JPL despite not being authorised by JMNIPL to act on its behalf.

6. It is alleged that such control over JPL has been exerted by Petitioner No.1 by fraudulently casting votes on behalf of JMNIPL at JPL's general meetings despite express revocation of authorization by JMNIPL's Board, and illegally appointing Independent Directors of his choice in JPL with a view to entrenching control over the Board of JPL.

7. The Applicant further submits that Petitioner No.1 has acted without authority and in contravention of law by purporting to represent JMNIPL at the Annual General Meetings (“AGMs”) of JPL and by casting votes on its behalf in direct violation of clear and duly passed Board Resolutions of JMNIPL, which had expressly revoked his authorization and prescribed specific voting positions contrary to those adopted by him.

8. It is further stated that, in terms of the resolution dated 14.07.2023, which has been passed by the majority of the shareholders of the Applicant Company, two of its directors, namely Sh. Dhirendra Mohan Gupta and Sh. Sanjay Gupta have been appointed authorized representatives under Section 113 of the Companies Act, 2013, with specific instructions being holding company of JPL to cast a vote as the authorised representative of the Applicant Company in all the general meetings of the JPL on various agenda items including the appointment and re-appointment of directors.

9. The r

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