By Pramod Prabhudesai, Chartered Accountant | Kaushik M. Jhaveri, Company Secretary
18. Satyanarayan Gupta vs. Shivangan Real Estate Pvt Ltd & Ors
Before NCLAT, Principal Bench, New Delhi
Date of Order: 9th October 2025
Failure to declare beneficial ownership, not oppression / mismanagement.
FACTS
- Appellant claimed to be beneficial owner of 5,000 equity shares in Shivangan Real Estate Pvt. Ltd.
- Respondents: Shivangan Real Estate Pvt. Ltd. (company), and two other individuals (Respondent Nos. 2 & 3). The main dispute relates to the ownership and control of equity shares and a valuable company property in Jaipur.
- In 2017, the appellant transferred his shares to Respondent No. 3, and this transfer was reflected in company records.
- A Memorandum of Understanding (MoU) dated 01.01.2022 confirmed loans provided by Respondent Nos. 2 & 3 to the appellant, with properties jointly invested and registered with the company as a security. The MoU provided that, after repayment of dues, shares/directorships would revert to the appellant, and the sale proceeds of land at Jaipur would be shared equally.
Procedural HistoryRead More
