Noted optician family in feud over transfer of shares

Jayantilal Bhimshi Gangar, founder member and director of Gangar Enterprises, has filed a complaint against the company and his brothers over the wrongful transfer of his shares. Gangar alleges that his 9,280 shares, worth up to INR200m ($2.7m), were transferred without his consent and using false documents. Gangar's digital signature was allegedly shared with his nephew, who connived to misuse it. The transfer allegedly took place in 2017, but Gangar only found out in 2018. The National Company Law Tribunal, Mumbai Bench, has ordered a status quo be maintained.

Mumbai: The founder member and director of Gangar Enterprises Private Limited, a sister concern of Gangar Opticians, Jayantilal Bhimshi Gangar, 81, has filed a complaint against the company he founded and his two brothers alleging wrongful transfer of his shares and use of false documents causing him monetary loss.

HT Image

Jayantilal has filed a complaint with the Economic Offences Wing (EOW) at Bhoiwada police station against Gangar Enterprises Private Limited and his brothers — Jagdish Gangar and Surendra Gangar — alleging wrongful transfer of his 9,280 shares using his digital signature and creating false documents, which caused him a loss to the tune of ₹16 to ₹20 crore.

Jayantilal, a resident of Parsi Colony in Dadar East, is also the founder member and director of Gangar Opticians. He told the police that along with his brothers Devchand, Kishor, Champaklal Jagdish and Surendra, he had founded the Gangar Enterprises in 2007.

The complainant said he is the promoter and director and held 9,280 shares (16.66%) in the company.

According to the complaint, in October 2018, Jayantilal’s entire shareholding in Gangar Enterprises was diluted and wrongfully transferred, without his consent, in favour of Jagdish. Thus, making him the single largest majority shareholder of Gangar Enterprises.

“Jayantilal’s digital signature, which was lying in the office was shared with nephew Divyesh Gangar, Jagdish’s son. The complainant learnt that Divyesh and Jagdish and the others allegedly connived to misuse his digital signature,” said a police officer.

The family learnt through their company secretary that the transfer took place in 2017. They also learnt that due process was not followed, and the transfer was illegal.

Divyesh had requested the company secretary to facilitate the said transfer. However, after she made the transfer, Divyesh did not send her the requisite documents, according to the complaint.

Later, Jayantilal filed a written complaint at the Registrar of Companies (ROC) and also filed a petition before the National Company Law Tribunal, Mumbai Bench, which has directed that a status quo be maintained.

“We have registered the case as value of the shares is between ₹16 to ₹20 crore and investigations are going on,” said an officer of the EOW.