The National Company Law Tribunal (NCLT) recently rejected an application filed by Ajita Kasbekar, wife of the late Dr. Vithal Kasbekar, alleging illegal transactions involving the sale of Sterling Hospital’s land without her consent. Ajita, the majority shareholder in Sterling Hospital Limited, claimed that key assets were allegedly sold without her knowledge and that there were no records of funds received from the sale. She sought a stay on construction at the hospital site, a full accounting of the sale’s proceeds, and a forensic audit of the company.
The NCLT in its orders held, “The balance of convenience also does not lie in favour of the Applicant at this stage nor the Applicant is likely to suffer any irreparable loss, in case the injunction sought for is not granted.”
Ajita’s accusations centered on Dr. Prakash Vaikunth Kasbekar and other shareholders, whom she accused of allegedly violating a 2007 NCLT order that required maintaining the status quo on Sterling Hospital's shareholding and assets. Despite this directive, Ajita claimed that Dr. Prakash had allegedly sold the hospital’s property in Vashi, Navi Mumbai, to New Era Hospital Mumbai Pvt. Ltd., in violation of the tribunal’s order.
Ajita’s claim was however opposed by Dr Prakash on the grounds that the application filed by Ajita was an alleged attempt to extort money from him and his family. He contended that the sale of the land was lawful and in accordance with the legal permissions granted by CIDCO, reinforcing that the land has no connection to Sterling Hospital Limited.
“While the lease was originally issued in the names of Dr. Prakash and his uncle, the original petitioner late Dr. Vithal Kasbekar, this was done out of familial affection. His uncle, who resided in the United States and never visited India, voluntarily relinquished all rights to the land through a Release Deed dated June 18, 2009. Dr. Prakash further asserted that the land has always been under his possession and ownership and that the same was never contested by Ajita.,”held Dr Prakash’s contention.
