Mumbai: NCLT Orders Saki Naka-Based NRK Overseas Owner To Return ₹86 Lakhs To SPNR-Surolia Group With 10% Interest

Mumbai: NCLT Orders Saki Naka-Based NRK Overseas Owner To Return ₹86 Lakhs To SPNR-Surolia Group With 10% Interest

The National Company Law Tribunal (NCLT) has directed Rakesh Kabra, the prime owner of Saki Naka-based company NRK Overseas, to return Rs 86 lakhs to the SPNR-Surolia Group (S-SG) with 10 per cent interest, after which Kabra will have his 7,47,600 shares, which he actually owned.

Pranali LotlikarUpdated: Tuesday, August 13, 2024, 04:23 AM IST
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Mumbai: NCLT Orders Saki Naka-Based NRK Overseas Owner To Return ₹86 Lakhs To SPNR-Surolia Group With 10% Interest | Representative Image

Mumbai: The National Company Law Tribunal (NCLT) has directed Rakesh Kabra, the prime owner of Saki Naka-based company NRK Overseas, to return Rs 86 lakhs to the SPNR-Surolia Group (S-SG) with 10 per cent interest, after which Kabra will have his 7,47,600 shares, which he actually owned.

The tribunal clarified that once the full amount is returned, S-SG will have no claim over the shares, thus rectifying the company's register of members.

The case stems from a complaint where Kabra alleged that S-SG had forged signatures and retired him from the company without his knowledge in 2009. The company, which had an annual turnover of ₹12 crore, was owned by Kabra and comprised 7,47,600 shares.

In response, S-SG claimed that they had transferred ₹86 lakhs to Kabra up until September 2009, which they believed was in exchange for the shares.

After reviewing the case, the NCLT expressed doubts regarding the authenticity of the signature on the transfer deed but acknowledged the flow of money into Kabra's account as seen in the statements. As a result, the tribunal ordered Kabra to return the money with 10% interest.

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