Mumbai: A minority shareholder of eyecare chain ASG Hospitals, Dr Shilpi Gang, has approached the National Company Law Tribunal (NCLT) against co-founder Dr Arun Singhvi and others, alleging oppression of minority shareholders, mismanagement, and breach of the shareholders’ agreement.
In her petition at the Mumbai NCLT under Sections 241 and 242 of the Companies Act, Gang sought to restrain the company from amending its Articles of Association (AoA) to facilitate a proposed ₹450-crore financing deal by Singhvi for investing in ASG Hospitals, contending that the move violates contractual protections granted to her as a minority shareholder.
The petition also named the chief financial officer, Dalpat Raj Jain; General Atlantic Singapore ASGH; Kedaara Capital Fund III; Britten Holdings; Sky Vision Cure; Sky Capital Vision Fund I; and Massive Impact Eduventures as respondents.
About 70% of ASG Hospitals is owned by General Atlantic, Kedaara Capital, and Sky Impact entities. In 2022, General Atlantic and Kedaara Capital jointly invested about ₹1,500 crore in the company to acquire a non-controlling stake.
The petition filed by Gang stated that ASG Hospitals was established in Jodhpur in 2005 as a ‘quasi-partnership’ firm between her and Singhvi, eventually expanding into a network of about 180 centres across 95 cities.
