Jackie Shroff has been embroiled in a posh authorized and monetary battle that has spanned almost three many years, uncovering allegations of company fraud, forgery, and monetary mismanagement at Atlas Equifin Pvt Ltd (Atlas). The case highlights systemic lapses in company governance and regulatory oversight inside India’s monetary ecosystem.
Jackie Shroff emerges victorious within the 30-year-long authorized battle with Atlas
Talking about the identical, Jackie Shroff stated, “Meri jung kafi salonse jari hai (I’ve been preventing this battle for years now)!! However I’ve full religion within the Indian judicial system. Reality shall prevail. Including to it, his lawyer Mr. Rahul Chitnis, continued, “My consumer has a great case on deserves. A number of courts have handed judgements in his favour within the matter. The appeals filed by the opposite aspect in opposition to these judgments have additionally been dismissed. I’m certain that lastly the opposite aspect must pay my consumer his rightful dues.”
The story started with the Formation of Atlas
In 1994, when Jackie Shroff was on the top of his performing profession, he partnered together with his mates and Singapore-based associates to ascertain Atlas Equifin Pvt Ltd. The corporate was created to help Sony’s entry into the Indian tv market. Shroff held a ten% stake, whereas Indian associates owned 26% and Singapore companions managed the remaining 64% by way of Alauda Securities Ltd, Mauritius.
Early Allegations of Mismanagement
Whereas Atlas initially appeared to function easily, allegations of monetary misconduct surfaced in 2013. Jackie Shroff accused Atlas’ administrators, together with Mr. Rakesh Aggarwal, of hanging non-public offers with Sony to promote video rights and sponsored exhibits, depriving Atlas of great income. Shroff additionally alleged that Atlas failed to carry Annual Basic Conferences, declare dividends, or refund his share software cash. In response, he filed a petition with the Nationwide Firm Regulation Tribunal (NCLT) underneath Sections 397 and 398 of the Firms Act, 1956.
The Solid Signature and $80 Million Mortgage Scandal
Including to the controversy, Singapore-based shareholders reportedly used their Atlas shares as collateral for an $80 million mortgage from Commonplace Chartered Financial institution. Jackie Shroff was allegedly requested to signal a Mandate Settlement guaranteeing his legal responsibility for any defaults, which he refused. In 2012, Shroff found a replica of the settlement bearing a solid model of his signature, prompting him to lodge a grievance with Mumbai Police’s Financial Offences Wing (EOW).
Makes an attempt at Settlement and Arbitration
In 2013, a settlement settlement was brokered. Shroff obtained $1.5 million upfront, with a further $2 million positioned in escrow, contingent on the sale of Atlas’ Sony TV shares. As a part of the settlement, Shroff resigned from the Atlas board and granted Energy of Lawyer to a pal. Nevertheless, disputes over the settlement’s phrases led to arbitration proceedings, leading to an unfavourable award in opposition to Shroff. Whereas he challenged the arbitration ruling within the Bombay Excessive Court docket, his shares have been hooked up as collateral.
Allegations of Fund Siphoning
Submit-2014, Jackie Shroff accused Mr. Aggarwal of siphoning Rs. 149 crores from Atlas’ mutual fund investments. In response to Shroff, the funds have been funnelled into unsecured loans to entities like Grandway Advisory Providers LLP and Grandway Know-how Pvt Ltd – corporations allegedly linked to lawyer Vishnu Jerrome. These loans have been later transformed into Non-Convertible Desire Rights Shares (NCPRS), rendering the Rs. 149 crore funding nugatory.
Authorized and Regulatory Battles
Jackie Shroff filed a second petition with the NCLT in 2024, presenting new proof of alleged mismanagement and monetary misconduct. Each the NCLT and the Nationwide Firm Regulation Appellate Tribunal (NCLAT) dominated in Shroff’s favor, ordering Atlas to purchase again his shares at a good valuation. Nevertheless, Mr. Aggarwal has reportedly did not comply. The Supreme Court docket dismissed Atlas’ enchantment in November 2024, solidifying Shroff’s authorized victory.
In the meantime, the Earnings Tax Division has been investigating allegations of cash laundering involving Atlas’ funds and investments in Singapore-based entities managed by Mr. Aggarwal since 2023.
Regardless of the authorized rulings in his favor, Jackie Shroff’s shares in Atlas stay unpaid, and his combat for justice continues. Within the the final listening to on ninth January, the Court docket as soon as once more rejected Atlas’ plea for extra time and threatened to cross Orders for Contempt for which the listening to is fastened on Feb 7, 2025.
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