The National Company Law Tribunal (NCLT) has been informed that the process of appointing the Managing Director (MD) for Jagran Prakashan is currently in progress and may require more time.
This application was filed during the ongoing proceedings of a pending petition titled "Mahendra Mohan Gupta and others vs Devendra Mohan Gupta and others" under sections 241/242 and 244 of the Companies Act 2013.
The bench observed that there was a special arrangement made so as to permit the board to take a collective decision with regard to the major decisions in accordance with the provisions of the Articles of Association as well as in accordance with the provisions of the Companies Act and the said arrangement was to last till October 4, 2023.
"Now, the admitted position is that the appointment of the MD is going to take more time and therefore the above arrangement would continue and it is made explicitly clear that this arrangement is for the purpose of smooth running/functioning of the company strictly in accordance with the provisions of the Articles of Association as well as the provisions of the Companies Act," the bench added.
The matter has been adjourned for October 31, 2023, for further hearing.