Case Details
Case Name: Mrs. Pushpa Agarwal & Others vs M/s. Basai Steels & Power Pvt Ltd & Others
Court/Authority: National Company Law Tribunal, Hyderabad Bench - 1
Case Number: CP 29/241/HBD/2025 and IA (CA) 79/2026 in CP 29/241/HBD/2025
Legal Provisions: Sections 241 read with 59, 161, 166, 447, 448 and other applicable provisions of Companies Act, 2013
Hearing Date: May 20, 2026
Hearing Time: 12:35 PM
Mode: Virtual and Physical (Hybrid) Mode
Parties Involved
Petitioners:
- Mrs. Pushpa Agarwal (Legal heir 1)
- Mr. Piyush Agarwal (Legal heir 2) - Represented by Legal Heir 4
- Mr. Mridul Agarwal (Legal heir 3) - Represented by Legal Heir 4
- Mr. Mayur Gopal Agarwal (Legal heir 4) - Also GPA holder for Legal Heir 2 & 3
Respondents:
- R1: M/s. Basai Steels & Power Pvt Ltd.
- R2: M/s. A-1 Steels India Pvt Ltd.
- R3: Mr. Pardeep Garg
- R4: Mr. Anand Sharaff
- R5: Mr. Vishal Jain
- R6: Mr. K. Ravi Shankar
- R7: Mr. Arun Kumar Chitgopkar
- R8: The Registrar - SEBI, Mumbai
Tribunal Members:
- Sh. Rajeev Bhardwaj, Hon'ble Member (Judicial)
- Sh. Sanjay Puri, Hon'ble Member (Technical)
Legal Representation:
- Mr. Vanshi Krishna, Learned Counsel for the Applicant
Procedural History
Current Hearing: May 20, 2026
Order: The Tribunal issued notice to all Respondents by registered/speed post and through e-mail
Next Hearing Date: June 30, 2026
Purpose of Next Hearing: For filing proof of service
The matter involves a company petition filed by legal heirs of the Agarwal family against two steel companies and several individuals, with SEBI also named as a respondent. The petition is brought under various sections of the Companies Act, 2013 including those related to oppression and mismanagement (Section 241), and sections concerning prospectus, duties of directors, and fraud (Sections 59, 161, 166, 447, 448).
At the hearing on May 20, 2026, the Tribunal directed that notices be issued to all respondents through both physical (registered/speed post) and electronic (e-mail) means. The matter has been adjourned to June 30, 2026 specifically for the purpose of filing proof of service of these notices.
The case is at a very preliminary stage where formal notice is being issued to respondents, and no substantive allegations, findings, penalties, or corrective actions have been discussed or determined in this order.