Mumbai: Octogenarian brother files cheating case against Gangar optician directors

The Economic Offenses Wing (EOW) of Mumbai police has filed a case of cheating against two directors of a leading optician, Gangar, on a complaint from their brother, Jayantilal Gangar, 81. 

Brothers illegaly transferred shares, says Jayantilal Gangar

The octogenarian has alleged that his 9,280 company shares (16.66% of total shares) were illegally transferred by his younger brothers – Jagdish and Surendra Gangar – by forging his digital signature. This he said caused him a loss of Rs20 crore. An EOW official said on Saturday that statements of people concerned will be recorded soon.

Jayantilal Gangar founded Gangar Enterprises Pvt Ltd with his brothers Devchand, Kishor, Jagdish, Surendra and Champaklal in 2007. He said his holdings were “illegally and dishonestly transferred without his consent” in favour of his brother Jagdish in October 2018. He said neither a board meeting was convened nor any resolution passed for this transfer. He told the police that his digital signature in the office were allegedly misused by his brother Jagdish and nephew Divyesh. 

FIR filed, statements to be recorded soon

Jayantilal earlier filed a written complaint with the Registrar of Companies and even filed a petition before the National Company Law Tribunal (Mumbai bench) which has maintained a status quo. The EOW officer said, “We have registered an FIR in this matter and will soon record the statements of people related to it.”