Omaxe Group promoter moves NCLT against CMD

Sunil Goel, second largest promoter of Omaxe Group, has filed a legal petition against elder brother and Omaxe CMD Rohtas Goel alleging mal-practices and financial mismanagement at the real estate company.

"On September 17, Sunil Goel and his group filed oppression and mismanagement petition before the National Company Law Tribunal (NCLT) Chandigarh in respect of Omaxe Limited," a statement issued on behalf of Sunil Goel said.

Sunil Goel was ousted from the company in 2017 when he acted as a whistle-blower raising objections about the financial fraud, it said. Omaxe Group was founded by the Goel brothers in 1987 and has footprints in eight states and 27 cities.

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Chairman and Managing Director Rohtas Goel is the largest promoter and shareholder group of the company and Sunil Goel is the second largest promoter with 20 per cent shareholding in the company, the statement said.

Shareholding of the promoter and promoter group is through Guild Builders Private Limited, which holds around 65-70 per cent shares of Omaxe Limited and is a holding company of Omaxe Limited.

The younger brother has sought reinstatement as Director, status quo on assets and an injunction that shares of Omaxe Limited held by Guild Builders Private Ltd should not be pledged for taking further loans by Omaxe Limited.

"The current financial scenario of the Group is not stable, and the profitability dipped despite taking extra loans from various banks and financial service providers," it said.

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In the last one year, Omaxe Group has increased its loan exposure from Rs 1,300 crore to Rs 1,800 crore. Sunil Goel has even written letters to various financial institutions and major shareholders of the company informing them about the financial mismanagement.