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National Company Law Tribunal restores Jai Mahal Hotel ownership to Gayatri Devi's grandchildren

The tribunal further said, the resolution passed in the board meeting regarding allotment of shares are set aside.


Devdiscourse News Desk 01 Aug 2018, 11:02 PM India

The National Company Law Tribunal (NCLT) today restored the ownership of iconic Jai Mahal hotel in favor of grandchildren of late Maharani Gayatri Devi.

Allowing the petition of Gayatri Devi's grandchildren, a Delhi bench of NCLT set aside the resolution of the extraordinary general meeting of the company held in March 1999 and March 2001 regarding appointments on board and dilution of their stake.

"All the resolutions which have been passed in the meeting of the board of director or in EGM or AGM …. are hereby set aside," said NCLT bench of R Vardharajan.

It restored the "position ante immediately upon the death of Maharaja Jai Singh (son of Late Gayatri Devi)".

The tribunal further said, the resolution passed in the board meeting regarding allotment of shares are set aside.

The tribunal said that the share register of the company should reflect the original position of at the time of the death of Maharaja Jai Singh.

Maharaja Devraj and Rajkumari Lalitya Kumar had filed the petition in the year 2006 against the company and its directors, challenging the wrongful dilution of their shareholding from 99 percent to 6 percent by allotment of shares to Maharaj Prithviraj, who is the step-uncle of the grandchildren, and to his son Vijit Singh.

NCLT has restored their original position of the shareholding as well as the board of directors and thereby making the grandchildren of Maharani Gayatri Devi as the owners of the Jai Mahal hotel in Jaipur.

The grandchildren had earlier won the battle for transmission of their father's shares in their names.

(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)


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