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.