Jaipur: Relief for Gayatri Devi’s grandchildren

After a long standing legal battle over the shareholding dispute in the company—the Jai Mahal Hotels Private Limited—the National Company Law Tribunal (NCLT) has decided the dispute in favour of Devraj and Lalitya Kumari, the grandchildren of late Rajmata Gayatri Devi of the erstwhile Jaipur royal family.

Devraj and Lalitya had filed a petition against the company and its directors wherein they had challenged the allotment of just 6 percent share from original 99 percent shareholding terming it as wrongful dilution and illegal allotment. 

They had claimed that the illegal allotment had been done to former royal Prithviraj Singh, the step uncle of the brother sister duo and to his son Vijit Singh.

In its decision on Wednesday, the NCLT restored the original position of shareholding and the Board of Directors. 

The decision has put the late Gayatri Devi’s grandchildren back from six percent owners to ninty nine percent owners of the Jai Mahal Hotel property, thus gaining effective control over the property. Notably, the grandchildren had even won the battle for transmission of their father’s share from the Supreme Court. 

Now a Board will have to be constituted within four weeks’ time after which an Extra Ordinary General Meeting will have to be called in eight week’s time from the time of constitution of the board.