Can Omaxe Ltd be wound up? Case filed against firm in NCLT for fraud

New Delhi: A petition has been filed against Delhi-based realty player Omaxe Ltd in National Company Law Tribunal alleging oppression of facts and mismanagement by the company.

The Chandigarh-bench of NCLT has admitted the petition by Sunil Goel, ex-Joint MD of Omaxe Ltd. Sunil has alleged in the petition that his brother Rohtas Goel, who is CMD of the company, has committed financial fraud and even siphoned off funds.

Sunil has also leveled charges of insider trading and even inflation of revenues of the firm, in his petition.

Sunil alleged that the company availed a loan of Rs 250 crore from Indiabulls Housing Finance and even though Sunil was a member of the Executive Committee, he did not get any notice of the meeting where the resolution to borrow Rs 250 crore was approved.

Sunil also alleged that he was removed from the position of Joint MD of the company forcefully and illegally during the 28th Annual General Meeting (AGM) of the firm. He alleged that in this AGM there were several important decisions were taken like declaring dividend only to the non-promoter shareholders and appointing Seema Prasad as Director of the firm. 

He alleged that Rohtas “illegally” restrained him from participating in the AGM using threats. He even alleged that Rohtas conducted business affairs of the firm in an oppressive manner. Several decisions were taken by Rohtas that were not in the interest of Omaxe Ltd, Sunil alleged. 

Sunil has alleged there have been “financial mismanagement” and “fraudulent transactions” by Rohtas due to which the debts of the company increased and profits have come down. 

Differences started between the two brothers in 2017 in regards to the day to day working of the company and Sunil was fired from the firm in September 2017.

 

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