06 Sep 2023
NCLT permits lifting of corporate veil in an oppression and mismanagement petition filed by minority shareholders/promoters of Dainik Jagran Group. NCLT held a composite petition filed under Section 241-242 of the Companies Act, 2013 to be maintainable against both, holding and subsidiary companies, despite the Petitioners not holding the requisite 10% shareholding in the latter, as holding company has direct control over the affairs of subsidiary.
The Petitioners/Non-Applicants were represented by Mr. C.A. Sundaram, Mr. Puneet Bali and Mr. Anurag Khanna, Senior Advocates, and assisted by Ms. Rohini Musa, Varad Nath, and Mr. Raghav Dev Garg. The Trilegal team that assisted in representing the Petitioners/Non-Applicants was led by our Partner Rajat Jariwal, and attorneys Abhishek Iyer, Counsel; Nastassia Khurana, Senior Associate; Aayushi Khurana, Shatakshi Tripathi, Prerna Singh, Associates.
The Respondents/Applicants were represented by Mr. Mukul Rohatgi, Dr. Abhishek Manu Singhvi and Dr, UK Chaudhary, Senior Advocates; Ms. Ruby Singh Ahuja, Mr. Vishal Gehrana, Ms. Hancy Maini, Ms. Tahira Karanjawala, Mr. Ashutosh P. Shukla, Ms. Megha Dugar, Ms. Meghna Mishra, Mr. Yashonidhi Shukla i/b Karanjawala & Co.
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Trilegal is one of India’s leading law firms, with expertise across the full spectrum of corporate legal services. Trilegal has offices in four key cities of India.
Trilegal has been recognised as the India Deal Firm of the Year by Asian Legal Business (ALB) India Law Awards 2023; one of the ‘Best Overall Law Firms’ at the India Business Law Journal Indian Law Firm Awards 2022; ‘Firm of the year’ for Client Service Excellence by Asia Law Awards 2021; “M&A Law firm of the Year” by VCCircle Awards 2020 one of the most innovative law firms in Asia in the inaugural edition of ALB Trailblazers 2020; and ‘highly commended’ in the FT RSG Innovative Lawyers Awards 2020.
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Sahil Wason
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