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JAGRAN · price
▲ positive · ▼ negative · ● neutral filings · teal = economic event · numbered = multiple that day (click to pick). Times IST.
Jagran Prakashan Ltd disclosed the outcome of a Company Appeal (C.A. No. 189 of 2026) before the NCLAT Principal Bench, New Delhi. The appeal challenged an NCLT Allahabad order regarding a requisitioned Extra-Ordinary General Meeting (EOGM) for removal of 7 Independent Directors and 1 Whole-time Director. The NCLAT ruled that the EOGM scheduled for 29th May 2026 may proceed as scheduled. However, any resolution passed at that meeting will be kept in abeyance until the outcome of C.P. No. 64 of 2023 (pending before NCLT Allahabad), which deals with disputes between promoter factions of the Gupta family regarding voting authority under Article 4.1 of JMNIPL's Articles of Association. The core dispute involves who has authority to vote on behalf of JMNIPL (holding 67.97% of JPL shares) - Mr. Mahendra Mohan Gupta (under Article 4.1) or other family members (under a 2023 board resolution).
The NCLAT has allowed the EOGM to proceed but blocked implementation of any removal resolution, effectively pausing the board upheaval until the underlying family dispute is resolved. This provides temporary protection for the 7 independent directors who represent the interests of 70,000+ public shareholders (31% stake), but creates uncertainty about the company's governance structure.