The impending case of ownership and shareholding of Jai Mahal Hotel Pvt Ltd has been decided in favor of the grandchildren of Maharani Gayatri Devi. The verdict was given by The National Company Law Tribunal (NCLT) New Delhi. Jai Mahal Hotel Shareholding
Abhishek Kumar Rao, the counsel for the petitioner confirmed the news. He said that the NCLT order has restored the original position. In other words, the majority shareholding as well as the board of directors of the heritage property are held by the grandchildren of Gayatri Devi – Devraj and Lalitya Kumari. Jai Mahal Hotel Shareholding
The petition entailed an illegal allotment of shares and dilution of shareholding. In 2006, there was an illegal dilution in the property, leading to a drop in shareholding from 99% to 6%. In retaliation, the grandchildren had filed the petition. The illegal allotment was made to Prithviraj, who is the uncle of the petitioners, and his son Vijit Singh.
The order of the court confirms that the shares will be in the name of the company. set aside the allocation of shares in the name of the company. Jai Mahal Hotel Shareholding
“All the resolutions passed either in the board meeting held on April 28 2001 in relation to the resolution allotting additional capital on the first respondent company (Jai Mahal Hotel Pvt Ltd) to the second and third respondents (Prithviraj and son Vijit Singh. respectively) aggregating to 60.882 equity shares of Rs 100 each are set aside and, in this regard. restore the position ante immediately upon the death of late MJS (Maharaja Jagat Singh, father of the petitioners).”
There will be further talks and meetings to sort the ownership nuances once and for all. It is also expected that there will be an extra ordinary general body within a period of eight weeks and the company is at liberty to confirm or reject the candidature of all or any persons of the reconstituted board.
Not only this, what is even more interesting is that there will be a special audit of the company on February 5. 1997. What’s special about this date? It is the date of demise of late Jagat Singh, till March 31, 2018.