Intimation regarding NCLT Order
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Awaiting price reaction for this filing.
The NCLT Ahmedabad Division Bench, via its order dated 24 February 2025, has directed SGL Resources Ltd (formerly Scanpoint Geomatics Ltd) to rectify its Register of Members by deleting the names of current share holders and inserting the names of petitioners Rama Hasmukh Sojitra and Hasmukh Bavanji Sojitra. The matter stems from a 2019 petition alleging wrongful removal of the petitioners as members, who claim to have been allotted 3,00,000 equity shares (1,50,000 each) back in 1993 for a total of Rs. 30 lakh. The tribunal has also ordered the company to issue fresh share certificates of Rs. 2 face value upon surrender of the original certificates held by the petitioners. The tribunal found prima facie evidence of wrongful removal and held that the cause of action is continuing, making the petition within the limitation period. The company has stated that the order does not have any material financial impact but involves compliance with regulatory and legal procedures to rectify records.
This is a procedural loss for the company in a long-pending shareholder dispute. While the company asserts no material financial impact, the rectification of the register and issuance of fresh share certificates may lead to a transfer of shareholding in the affected folios, which existing shareholders in those folios should monitor. For the stock overall, the direct impact appears limited as the company itself downplays financial consequences.