Gaja Alternative Asset Management: High Court dismisses pleas to quash FIR

The proceedings relate to an investment made by Gaja Capital India Fund-I, an entity advised by the Company, in EuroKids International Limited, one of the Fund's portfolio companies. Jain and Jafar served as nominee directors of the Fund on the board of EuroKids International Limited.

What the order decides and does not decide

The order dismisses the petitions seeking quashing of the FIR. It does not constitute an adjudication of the allegations contained in the FIR, and the underlying proceedings will continue in accordance with law. The High Court's order does not, by itself, impose any financial liability on the Company.

The matter was disclosed earlier in the offer documents for the Company's initial public offering, including under the sections 'Risk Factors' and 'Outstanding Litigation and Material Developments'. The prospectus is dated 21 Aug 2026.

The company's assessment and the next steps

The company's current assessment is that the order has no material impact on its current operations, its management responsibilities or its ability to manage and advise its funds, and that it continues to operate in the ordinary course.

The petitioners are reviewing the detailed order and will take such further legal steps as may be advised, including filing any appeals within the applicable period. The filing gives no date for any of these steps.

What the High Court order means for Gaja Alternative Asset Management's shareholders

The order dismisses the petitions and, by itself, imposes no financial liability on the Company, according to the filing. The company's current assessment is that operations are not materially affected.

Not stated: whether an appeal will be filed, the outcome of any further legal steps, when the underlying FIR proceedings will conclude, and any effect on the Company's results.

At a glance

Reference: Original filing (PDF)