Supreme Court extends stay on sale of Surat’s Millennium Markets in Gajera brothers dispute

SURAT: In a major setback for the Gajera brothers, the Supreme Court has extended the stay on the sale of Millennium Market-2 and Millennium Market-4 in Surat, while directing all parties to maintain status quo over the company’s properties until mediation efforts are completed. The order effectively blocks any sale or transfer of key assets linked to the ongoing corporate dispute.

The latest direction came after a hearing held on July 17, following the appointment of former Chief Justice of India Sanjiv Khanna as mediator to explore an amicable settlement between the parties.

The Supreme Court ruled that the existing status quo over all properties of the company will continue until the next hearing, giving mediation proceedings time to progress.

The dispute stems from a complaint filed by Pravin Devkinandan Agarwal, a partner in Shanti Residences Private Limited, against the owners of Lakshmi Group of Companies, including members of the Gajera family.

Earlier, through its order dated April 30, 2026, the apex court had appointed Justice Sanjiv Khanna as mediator and restrained the sale of the company’s assets, including Millennium Market-2 and Millennium Market-4.

With mediation still underway, the court has now extended that protection.

According to the complaint, Agarwal held a 43% stake in Shanti Residences Private Limited and has alleged that the Gajera brothers orchestrated a conspiracy to dilute his ownership and take control of the company.

The complaint alleges that company properties were sold by recording only the government’s jantri value instead of the actual market value, resulting in the alleged diversion of crores of rupees. It further claims that the funds were routed abroad through hawala channels.

Agarwal has also alleged that his resignation as director was obtained using a forged digital signature and that his shareholding was fraudulently reduced from 43% to 4.02% through forged documents submitted before the Registrar of Companies.

The complainant has further alleged that he and his family were falsely implicated in criminal cases and received death threats after raising objections.

Following directions from the Gujarat High Court, Surat police registered an FIR under several provisions of the Indian Penal Code, including criminal breach of trust, forgery, use of forged documents, extortion, criminal intimidation and criminal conspiracy.

The FIR names Chunibhai Haribhai Gajera, Vasant Haribhai Gajera, Ashokbhai Haribhai Gajera, Rakeshbhai Girdharlal Gajera, Bakulbhai Haribhai Gajera, Hiteshbhai Rameshbhai Pardeshi and Gautam Prajapati as accused.

The allegations are currently under investigation. The accused have denied wrongdoing in earlier proceedings, and the matter remains sub judice.