CNBC TV18: Mumbai-based Gangar Opticians’ eldest brother Jayantilal drags siblings to NCLT, says report

13 February 2019: Jayantilal Gangar, the eldest of the six brothers of the Gangar family that runs Mumbai’s top optician chain — Gangar Opticians accused his siblings of illegally removing him and his son from the business, Mumbai Mirrorreported.

Jayantilal, the paper said, filed a petition before the National Company Law Tribunal (NCLT) alleging that his shares in Gangar Enterprise, which runs 75 stores and rented out Gangar Opticians to the family, were transferred to his brother, Jagdish, and Jagdish’s son, Rohit via fraudulent means.

Jayantilal, the paper said, alleged in his petition that his nephew, Divyesh Gangar, who was in possession of his electronic signature, transferred his 16.66 percent shareholding in Gangar Enterprise to Jagdish and Rohit, making Jagdish the “single largest shareholder in the company” with 99.99 percent of the stock, and the transaction was not known to Jayantilal.

The tribunal’s members ordered the brothers to maintain status quo on the fixed assets and shareholding of the company until the next hearing.

Another petition filed by Jayantilal’s lawyer to NCLT claimed the company’s board of the optician chain passed a resolution on January 21, divesting Jayantilal and his son Pragnesh the authority in the operations and until the resolution, his son was the company’s CEO. The resolution was passed without sufficient notice. Jayantilal fears he will be removed without any powers and urged the NCLT to appoint an administrator.

Mumbai Mirror, CNBC TV 18 reported

Categories: General News

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