Lodha Claims 47% In Peerless, Roys To Challenge Nclt Order | Kolkata News

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KOLKATA: The battle for the control of iconic Bengal-based company Peerless General Finance between promoters — the Roy family and Parasmal Lodha — intensified on Thursday. Following an order by the Kolkata bench of the National Company Law Tribunal (NCLT), Lodha claimed he owns 47% stake in the company, which is higher than the Roys’ holding. Peerless MD Jayanta Roy and a representative of the Roys who founded the company, said that they would go to higher legal authority.
TOI on Thursday reported that NCLT termed allotment of shares to Roys in 1988 as ‘void’ in its order on July 18, 2022.
Lodha claims 47% in Peerless, Roys to challenge NCLT order

When contacted, Roy told TOI that the order which has come is nothing but a stage of litigation. “The order is subject to challenge, which we shall certainly do, and we are confident that the final verdict from the higher forum will go in our favour. God’s Divine Grace and blessings of the people have always been with us. Truth will prevail,” he added. S K Roy, father of Jayanta Roy, was the MD of Peerless for over two decades.
Lodha told TOI that following the order he has 47% in Peerless compared to 36% owned by the Roy family. “Before the order, the promoters had 66% stake in Peerless,” he said.
Lodha claimed that way back in 1987, Roys had approached him to buy a stake in Peerless as the company was in very bad shape. “I bought 51% stake in Peerless and out of this, I kept 21% in my name and 30% was registered in the name of Poddar Projects, Tuhin Kanti Ghosh and R L Gaggar. I was supposed to take another 25% from Roys.”
Lodha claimed that in 1988, after being caught in a political turmoil, he had transferred his personal holding of 21% to Roys. “When my crisis was over, Roys refused to hand over the shares transferred to them. Later, the promoters issued 30,000 shares on a private placement basis and the means adopted for this was unfair. Following this, my shareholding (in the name of three others) went down to 23%. NCLT has appointed a special officer and within a month, a new shareholding list has to be issued,” he added.
Lodha claimed that he has the single-largest chunk of Peerless, while for 10% share, there is no claimant and the remaining 7% is scattered.



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