Actor Jackie Shroff has been fighting a legal battle for nearly 30 years over fraud, forgery, and financial mismanagement at Atlas Equifin Pvt Ltd (Atlas).

In 1994, he co-founded Atlas to support Sony’s entry into India. By 2013, he accused directors, including Rakesh Aggarwal, of financial misconduct and took the case to the National Company Law Tribunal (NCLT). He later discovered his forged signature on loan documents and filed a police complaint.

A 2013 settlement promised him $3.5 million (Rs. 29 crore approx.), but disputes led to arbitration, which ruled against him.

In 2014, he alleged Aggarwal siphoned Rs. 149 crore from Atlas’ mutual fund investments. According to Shroff, the funds were funnelled into unsecured loans to entities like Grandway Advisory Services LLP and Grandway Technology Pvt Ltd — both allegedly linked to lawyer Vishnu Jerrome.

In 2024, NCLT and NCLAT ruled in Shroff’s favour, ordering Atlas to buy back his shares. The Supreme Court upheld the ruling in November, but he has yet to be paid.

Meanwhile, the Income Tax Department is probing Atlas for possible money laundering. “Meri jung kaafi saalon se jaari hai. I have faith in the judicial system. Truth shall prevail,” says Shroff.

His lawyer remains confident, as the court rejected Atlas’ plea for an extension on January 9, with contempt proceedings set for February 7.

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My client has a strong case on merits... The other side will have to pay my client his rightful dues.

- Rahul Chitnis, Advocate