NCLT Mumbai Issues Contempt Show Cause Notice To Atlas Equifin In Dispute With Jackie Shroff

The National Company Law Tribunal (NCLT) at Mumbai has issued a show cause notice for contempt against Atlas Equifin Pvt. Ltd. in a dispute with actor Jackie Shroff.

The tribunal found that the company repeatedly failed to comply with its directions to pay the admitted buyback consideration.

A bench of Judicial Member Sushil Mahadeorao Kochey and Technical Member Prabhat Kumar observed that Atlas Equifin's defiance of the Tribunal's orders was apparent and issued a show cause notice under Section 425 of the Companies Act and the Contempt of Courts Act.

"Accordingly, the defiance of the order(s) passed by this Tribunal is apparent on the face and writ large accordingly, this Bench consider it appropriate to issue a Notice against the Respondent No. 1/ Atlas Equifin Private Limited.", the Tribunal said. 

The dispute stems from a petition filed by Shroff, a 10% minority shareholder in Atlas Equifin, alleging oppression and mismanagement. On February 10, 2023, the tribunal directed the company to buy back his shares.

On December 4, 2024, the company informed the Tribunal that the Supreme Court had dismissed its civil appeal and that it would consider further steps, including a review petition.

The Tribunal directed it to complete the buyback by January 31, 2025 or obtain a stay. On June 15, 2026, Atlas Equifin was directed to liquidate amounts lying in its bank accounts, a ₹4.23 crore portfolio management services account and receivables from Grandway Technologies Pvt Ltd and Genejunction Healthcare Services Pvt Ltd and pay the admitted decretal amount within 30 days. 

The tribunal had emphasized that if Atlas Equifin failed to liquidate the PMS account and receivables, it would issue garnishee orders directing Grandway Technologies and Genejunction Healthcare Services to forthwith pay the unpaid amount. However, despite these directions, Atlas Equifin failed to comply with the tribunal's orders

Observing a pattern of continued non compliance despite repeated undertakings and extensions, the tribunal issued a show cause notice and directed the company to disclose the persons in charge of its affairs.

The matter has been listed on September 4, 2026 for further hearing. 

For Petitioner: Advocates Rahul Chitnis, instructed by Advocates Mangesh Bhende, Aman Saroj

For Respondent: Senior Advocate Vivek Kohli along with Advocates Rhia Marshal, Swaroop Nair