New Delhi: The Chandigarh-bench of National Company Law Tribunal (NCLT) has admitted a petition filed against Omaxe Ltd over alleged acts of arm-twisting and mismanagement contended by its management.
The petition filed by Sunil Goel, the former Joint Managing Director of the company points accusations against Rohtas Goel, the Chairman and Managing Director of Omaxe for relinquishing financial fraud, siphoning off funds, insider trading, and inflation of turnover of the company.
The petition asserted 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. However, Sunil Goel was a part of the Executive Committee; he did not receive any notice of the meeting wherein the borrowing of Rs 250 crores was endorsed.
“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.
The respondents, including Rohtas Goel, illegally thwarted the petitioners from joining in the Annual General Meeting by wielding force and threats, contended Sunil Goel in his petition.
Moreover, as per the plea, Rohtas was too engaged in eliminating the petitioners from the company’s affairs to “gain control over the company and all its subsidiaries to disable the petitioners financially”.
Rohtas allegedly administered the company’s affairs oppressively towards the petitioners and the concern 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 existence in eight states across 27 cities. Rohtas Goel is the Chairman and Managing Director of Omaxe Limited and embodies its largest promoter shareholder group. Sunil Goel, younger brother of Rohtas Goel, symbolizes the second-largest promoter shareholder group having 22 percent shareholding in the company.
Principally, the promoter and promoter group’s shareholding is through Guild Builders Private Limited, which carries around 68.45 percent shares of Omaxe Limited and is a holding company of Omaxe Limited.
In 2017, disagreements arose between the brothers about the company’s functioning, following which Sunil Goel was wiped out from the company in September 2017, which he contends as unlawful eviction.