The NCLT admitted a petition against Omaxe Ltd. It alleged over the acts of oppression and mismanagement.Company and the management claimed it.
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 off 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. According to the minutes of the Executive Committee’s meeting.Fraud had taken place in Omaxe Ltd. Sunil Goel being the part of executive commitee. But he did not receive any notice.
Since, Omaxe Ltd appointed Sunil Goel as a Joint Managing Director till 29.09.2017. The company illegally outstayed him in the 28th Annual General Meeting. Omaxe Ltd appointed Seema Prasad as the director of the company.
Additionally, Rohtas Goel, illegally restrained the petitioners from participating in the Annual General Meeting. Sunil Goel in his petition said he forced them to do it.
According to the plea, Rohtas excluded the petitioners. The company excluded the petitioners to gain control. Hence, 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.
The financial debts have increased and profits have dipped down due to the fraudulent transaction.
Founded in 1989, the company has its presence in eight states across 27 cities. 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 percent shareholding in the company.
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Additionally, the shareholding of the promoter and promoter group is through Guild Builders Private Limited, which holds around 68.45 percent shares of Omaxe Limited and is a holding company of Omaxe Limited.
In 2017, differences arose between the brothers with regard to the functioning of the company, following which Sunil Goel was removed from the company in September 2017, which he claims as an illegal removal.
