NCLT Orders Fresh Share Allotment for Bhandup Dreams The Mall Shop Owners
On July 2, 2026, the National Company Law Tribunal (NCLT) ordered a complete overhaul of the shareholding pattern of Dreams The Mall Company Ltd. in Bhandup, Mumbai. The tribunal ruled that ownership must be redistributed strictly in proportion to the carpet area owned by individual shop and space owners, dismantling a structure that disproportionately favored the promoter group.
The ruling came in response to a petition led by Fibra Shipping Agency, representing itself and 137 other shareholders. The petitioners approached the NCLT alleging gross oppression and mismanagement in the affairs of Dreams The Mall Company Ltd.
The shareholders alleged that the company failed to manage and maintain the commercial complex. Specific grievances included the refusal to transfer shares to new shop owners, non-payment of property tax, electricity, and water dues, and poor maintenance. They also cited non-functional central air-conditioning and escalators, inadequate security, unhygienic washrooms, and insufficient parking.
Furthermore, the petitioners accused the promoters of failing to account for Rs 4.82 crore collected as advance maintenance charges and approximately Rs 1.64 crore collected for electricity meters. Despite repeated complaints to civic authorities and the police, no action was taken, prompting the shareholders to seek legal recourse under the Maharashtra Ownership of Flats Act.
In its ruling, the NCLT directed Dreams The Mall Company Ltd. to undertake a fresh allotment of shares to all eligible shop and space owners. This allotment must be based strictly on the carpet area specified in their respective sale agreements and sanctioned building plans. Any shares found to exceed an individual's entitlement will be cancelled, and any excess amounts refunded after adjusting for outstanding maintenance dues.
The tribunal clarified that no shares will be allotted for common areas, atriums, passages, open spaces, or parking areas at this stage, noting that disputes over these areas fall under the jurisdiction of a civil court. Additionally, the Resolution Professional of HDIL was directed to execute conveyance deeds in favor of eligible shop owners, and the Administrator was instructed to hand over all records to a newly constituted board.
