Jagran Prakashan Limited has informed the Exchange regarding disclosure under Regulation 30 of the SEBI Listing Regulations
JAGRAN · price
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NCLAT has disposed of Jagran Prakashan Limited's appeal regarding an Extraordinary General Meeting (EOGM) requisitioned by its holding company JMNIPL to remove 7 independent directors and 1 whole-time director. The tribunal ruled that while the EOGM scheduled for 29 May 2026 can proceed, any resolution passed at the meeting must be kept on hold until the outcome of CP No. 64 of 2023 pending before NCLT Allahabad. The underlying dispute involves competing claims about voting authority on behalf of JMNIPL (which holds 67.97% of JPL) between rival Gupta family factions. The tribunal noted that several key issues remain unresolved by NCLT including the validity of Article 4.1 of JMNIPL's Articles of Association and the effect of a Board Resolution dated 14.07.2023.
Shareholders should note the EOGM will be held as scheduled but any director removal decisions are temporarily blocked. This partial stay provides some protection for the 7 independent directors representing 70,000+ public shareholders, but governance uncertainty continues until the underlying family dispute is resolved at NCLT.