Jagran Prakashan Limited has informed the Exchange about General Updates regarding disclosure under Regulation 30 of SEBI (LODR), 2015
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Jagran Prakashan Limited (JPL) has disclosed that its holding company, Jagran Media Network Private Limited (JMNIPL), has issued a special notice proposing the removal of 7 independent directors (Ms. Divya Karani, Mr. Shailendra Swarup, Ms. Anita Nayyar, Ms. Kemisha Soni, Mr. Pramod Agarwal, Mr. Shaalin Tandon, Mr. Arun Anant) and a Whole-time Director (Mr. Satish Chandra Mishra). The sole reason cited is that these directors were not validly appointed because Mr. Mahendra Mohan Gupta (Non-Executive Chairman) did not exercise JMNIPL's voting rights as decided by JMNIPL's Board. Mr. Gupta has countered that the voting rights issue is already sub judice before the NCLT Allahabad in two pending family dispute petitions. JPL's Board has decided to take appropriate legal steps to respond to the notice and an EGM has been requested to consider these removals.
This signals a serious promoter family conflict at the holding company level, creating significant governance uncertainty for JPL shareholders. The proposed mass removal of independent directors and a whole-time director could lead to board instability and potential stock price volatility until the matter is resolved legally.