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NCLT admits plea against Omaxe, ‘no bearing on other connected cases’ (Ld)

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New Delhi, Jan 16 (IANS) The Chandigarh bench of the National Company Law Tribunal (NCLT) has admitted a petition filed against Omaxe Ltd over alleged acts of oppression and mismanagement by the company and its management.

The petition filed by Sunil Goel, the former Joint Managing Director of the company, levels allegations against Rohtas Goel, the Chairman and Managing Director of Omaxe, for indulging in financial fraud, siphoning of funds, insider trading and inflation of turnover of the company.

The petition said that in June 2017 Omaxe took a loan of Rs 250 crore from Indiabulls Housing Finance Limited as per the minutes of the Executive Committee’s meeting. It said that though Sunil Goel was a part of the Executive Committee, he did not receive any notice of the meeting wherein the resolution for taking the loan of Rs 250 crore was approved.

“It is also stated that Sunil Goel has been repeatedly appointed as Joint Managing Director of Omaxe Limited till 27.09.2017 on which date he was illegally ousted in the 28th Annual General Meeting of the company where several resolutions, declaring dividend only to non-promoter shareholders and appointment of Seema Prasad as Director of Omaxe Limited, were passed,” it said.

An Omaxe spokesperson, however, said that the tribunal has “only” granted waiver to hear the applicant.

“The order clearly states that the waiver ‘shall not have any bearing while deciding the main application or any other connected cases’. The facts of the case are not admitted or accepted,” said the spokesperson.

The tribunal’s order said: “The instant CA No.388 of 2019 in CP No.184 of 2018, is allowed. However, it is made clear that the observations, if any, made hereinabove on the merits of the case, shall not have any bearing while deciding the main CP No.184 of 2018, or any other connected cases or applications.”

The petition filed by Sunil Goel claimed the respondents, including Rohtas Goel, illegally restrained the petitioners from participating in the Annual General Meeting by using force and threats.

Further, as per the plea, Rohtas was also involved in exclusion of the petitioners from the affairs of the company to “gain control over the company and all its subsidiaries in order to financially disable the petitioners”.

Rohtas allegedly conducted the affairs of the company in an oppressive manner towards the petitioners and also towards the interest of the company.

“It is stated that owing to such financial mismanagement and fraudulent transactions the financial debts have increased and profits have dipped down. Various letters have been issued on behalf of the petitioners, objecting to the illegal and oppressive acts of respondents, but in vain,” said the petition.

Founded in 1989, the company has a presence in 27 cities across eight states. Rohtas Goel is the Chairman and Managing Director of Omaxe Limited and represents the largest promoter shareholder group of the company. Sunil Goel, younger brother of Rohtas Goel, represents the second largest promoter shareholder group having 22 per cent shareholding in the company.

Primarily, the shareholding of the promoter and promoter group is through Guild Builders Private Limited, which holds around 68.45 per cent shares of Omaxe Limited and is a holding company of Omaxe Limited.

In 2017, differences arose between the brothers with regard to functioning of the company, following which Sunil Goel was removed from the company in September 2017, which he claims as an illegal removal.




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