3 weeks ago
NCLT Notice To Atlas Equifin Over Jackie Shroff Share Buyback
A famous actor named Jackie Shroff used to have shares in a company called Atlas Equifin.
The company promised to buy back those shares and pay him money for them.
The company agreed it owed Jackie some money, but it did not pay him.
A special court called the NCLT told the company to pay the money within 30 days.
The company still did not pay.
Now the court is upset and has asked the company to explain why it should not be punished.
The punishment being considered is called "contempt," which is for ignoring court orders.
The company says it is appealing the court's decision to a higher court.
The court says the appeal does not change the order to pay what the company admitted it owes.
The case will be heard again on September 4, and the company may also have to say who is in charge of its business.
The NCLT Mumbai Bench issued a show-cause notice to Atlas Equifin, asking it to explain within four weeks why contempt proceedings should not be initiated against it.
The tribunal said the company repeatedly failed to comply with directions to pay actor Jackie Shroff the amount it admitted owing in a share buyback dispute.
The July 24 order, under Section 425 of the Companies Act, 2013, read with the Contempt of Courts Act, was issued by Technical Member Prabhat Kumar and Judicial Member Sushil Mahadeorao Kochey.
Atlas Equifin told the tribunal it has challenged the June 15, 2026 payment order before the NCLAT, with the appeal listed for August 20, 2026.
The company was directed to disclose the names of persons responsible for its affairs, and the matter is posted for further hearing on September 4, 2026.
- Who
- Actor Jackie Shroff and Atlas Equifin Pvt. Ltd.; the NCLT Mumbai Bench, comprising Technical Member Prabhat Kumar and Judicial Member Sushil Mahadeorao Kochey.
- What
- The NCLT issued a show-cause notice to Atlas Equifin, asking it to explain within four weeks why contempt proceedings should not be initiated for failing to pay Shroff the admitted amount in a share buyback dispute.
- Where
- Mumbai, India (NCLT Mumbai Bench).
- When
- The order was passed on July 24, 2026; the article was published August 7, 2026, and the next hearing is September 4, 2026.
- Why
- Atlas Equifin repeatedly failed to comply with the tribunal's directions to pay the amount it had admitted owing for the buyback of Shroff's shares.
NCLT's Position
Atlas Equifin's Position
Payment Despite Pending Appeal
NCLT's Position
The company must pay the amount it admitted owing; only the disputed valuation is before the appellate forum, so the appeal does not justify non-payment.
Atlas Equifin's Position
The June 15, 2026 order has been challenged before the NCLAT, and the company is considering a recall application, so the matter should not be forced to payment while under review.
Nature of Non-Compliance
NCLT's Position
The company repeatedly sought extensions and deferred payment despite assurances, showing a clear disregard for the tribunal's orders.
Atlas Equifin's Position
The company is pursuing valid legal remedies through appeal and recall rather than deliberately defying the tribunal.
Key facts
- Tribunal
- National Company Law Tribunal (NCLT), Mumbai Bench
- Respondent
- Atlas Equifin Pvt. Ltd.
- Claimant
- Actor Jackie Shroff
- Order Date
- July 24, 2026
- Legal Basis
- Section 425 of the Companies Act, 2013, read with the Contempt of Courts Act
- Appeal
- Pending before NCLAT, listed for August 20, 2026
- Next Hearing
- September 4, 2026
- Potential Garnishee Targets
- Grandway Technologies Private Limited and Genejunction Healthcare Services Pvt. Ltd.
Quotes
NCLT order
Statement from the NCLT Mumbai Bench order
“"Record reveals that the matter was listed on Board on 15.06.2026, on which date the firm was directed to liquidate the amounts and pay the amount, as has been admitted payable by them consistently based on the valuation report relied upon by them, to the petitioner within 30 days."”
freepressjournal.in
“"The evidence demonstrates that M/s Atlas Equifin Pvt. Ltd. has been avoiding compliance to the grounds time and again, thereby deferring even the payment of the decretal amount as admitted by them to be payable."”
freepressjournal.in
Sources
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