MAHARASHTRA: NOTED OPTICIAN FAMILY IN TUSSLE OVER ‘ILLEGAL’ TRANSFER OF FOUNDER’S SHARES

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.

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.

He further claimed that the transfer of shares was done without following the due process of law as there was no board meeting convened and no resolution passed to approve the said transfer of shares.

“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.