Mohan Jain, aged 30 years, S/o Late Chandu Lal Jain and Rohan Jain, aged 35 years S/o Girish Lal Jain are two cousins. Mohan is trustee of Chandu Lal Trust whereas Rohan is Trustee of Girish Lal Trust. Chandu Lal Trust and Girish Lal Trust are equal shareholders (49:49) in Tapori Magazine Co. Pvt. Ltd, (the Company) a magazine company based out of Lucknow. The remaining one percent of shares are with Neera Jain, who is a 70 year old mother of Chandu Lal Jain and Late Girish Lal Jain. Mrs. Neera Jain lives with her son Girish Lal Jain.

Ever since the death of Chandu Lal Jain in 2008, the control of the magazine has gone into the hands of Girish Lal Trust. Partly, the same is because Mohan Jain after death of his father was emotionally disturbed and went into depression. The current medical condition of Mohan Jain is unclear and is known only to him and his doctors. 

Between 2008 and 2017, Girish Lal Jain and Rohan Jain have expanded the business considerably and have floated different company, in which they either have a direct shareholding or through Girish Lal Trust. 

Mohan Jain is back in Lucknow after five years, having failed to establish a new textile business in Bangladesh. CA by profession, Mohan suspects malafide in the working of the Company. He has sought a return into the working affairs of the Company and also sought his remuneration and part of profits for the last many years, during which he was trying to establish his business in Bangladesh. 

His uncle Girish Jain and his cousin Rohan Jain have refused entry of Mohan into the complex of the Company. Mohan in turn has accused them of oppression and mismanagement and wants to sue them before National Company Law Tribunal. In a last ditch effort, Rohan Jain and Mohan Jain are trying out mediation as a method of dispute settlement on all points. 

Confidential (To be shared with Rohan Jain)

  • There are gross irregularities in the functioning of the Company, including forging of signatures of Neera Jain and irregularities in the books of accounts. Any litigation on this front is bound to expose Mohan Jain and Rohan Jain to their wrongdoing, for which they face a possible jail term. 
  • The Company is also in violation of Companies Act, 2013 having contravened with several provisions relating to Related Party Transactions. 
  • Rohan Jain and Mohan Jain have siphoned off funds of the Company, to their other companies, which show exceptional profits in their books of accounts. 

Confidential (To be shared with Mohan Jain)

  • Girish Jain and Rohan Jain may have acted in violation of Companies Act, 2013 and also manipulated with books of accounts of the Company. However, any conclusive proof of same requires a forensic audit which will cost at least Rs. 20 lakhs, when done by a good accounting firm. 
  • Mohan Jain is simply out of cash, after his failed business in Bangladesh and needs money to raise a new venture. 
  • Medically, Mohan has been diagnosed with Stage II Cancer and has been given a lifetime of around five years, which incidentally is also the average litigating period before NCLT.
 

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