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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