Jagran Prakashan Limited disclosed that a fresh application, being I.A. No. 57 of 2026, has been filed in the ongoing company petition titled Mahendra Mohan Gupta and Ors. v. Devendra Mohan Gupta and Ors. (C.P. No. 64 of 2023). The application was filed by Mr. Mahendra Mohan Gupta, Mr. Shailesh Gupta, and VRSM Enterprises LLP before the National Company Law Tribunal (NCLT), Allahabad. The tribunal listed the application on June 9, 2026, and deferred the matter for hearing to July 8, 2026, at 12:30 PM, alongside the main petition.

The applicants sought several reliefs, including restraining respondents from accessing the demat account of Jagran Media Network Investment Private Limited (JMNIPL) and restoring the position of the authorised signatory as it existed on April 23, 2026. The application also requested the tribunal to set aside the resolutions passed at the Extraordinary General Meeting (EOGM) held on May 29, 2026, including the removal of seven independent directors and one whole-time director. However, the senior counsel for the applicants stated they were not pressing for any interim orders at this stage.

The disclosure references a prior order dated May 26, 2026, from the National Company Law Appellate Tribunal (NCLAT), which directed that the implementation of the EOGM resolutions be kept in abeyance until the disposal of C.P. No. 64 of 2023. The NCLAT had noted the intermingling of issues and requested the NCLT to hear remaining arguments and dispose of the petition expeditiously. The NCLT has now allowed the respondents time to file a response by July 3, 2026.

The legal dispute centres on Sections 241, 242, and 244 of the Companies Act, 2013, and involves disagreements within the promoter group regarding voting rights. Specifically, the conflict pertains to the authority to vote on behalf of JMNIPL, which holds a significant portion of the paid-up equity share capital. The company stated that it would provide further disclosures upon material developments in the proceedings.

HDFC Mutual Fund reduced its shareholding in Jagran Prakashan Limited by 2.42% through open market sales on May 29, 2026, bringing its total stake down to 4.71% of the paid-up equity share capital. The transaction was disclosed under Regulation 29(2) of the Securities and Exchange Board of India (Substantial Acquisition of Shares and Takeovers) Regulations, 2011.

Prior to the disposal, the aggregate holding of the schemes of HDFC Mutual Fund stood at 7.13%, representing 1,55,27,121 equity shares. Following the sale of 52,74,246 shares, the holding has adjusted to 1,02,52,875 equity shares. The paid-up equity share capital of Jagran Prakashan Limited remains Rs. 43,53,08,544, comprising 21,76,54,272 equity shares of Rs. 2 each.

The acquirer, identified as HDFC Mutual Fund acting through schemes such as HDFC Multi Cap Fund, HDFC Hybrid Equity Fund, and HDFC Mid Cap Fund, confirmed that it does not belong to the promoter or promoter group of the target company. The shares of Jagran Prakashan Limited are listed on BSE Limited and National Stock Exchange of India Limited.

Shareholding Details

The following table outlines the changes in the shareholding pattern:

The disclosure was submitted by Dinesh Bhakade, Lead – Compliance Governance at HDFC Asset Management Company Limited, the investment manager for the schemes of HDFC Mutual Fund.