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NCLT Chandigarh agrees to hear plea alleging mismanagement at Omaxe

The petition has been filed by a former joint managing director of the company, Sunil Goel and his wife Seema Goyal alleging that the construction company was being run in a manner prejudicial to the shareholders of the company.

By: ENS Economic Bureau | New Delhi |
Updated: January 20, 2021 6:11:57 am
The petition has been filed by a former joint managing director of the company, Sunil Goel and his wife Seema Goyal.

The Chandigarh Bench of National Company Law Tribunal (NCLT) has agreed to hear a plea of oppression and mismanagement against the management of New Delhi-based builder Omaxe Limited founder Rohtas Goel. The petition has been filed by a former joint managing director of the company, Sunil Goel and his wife Seema Goyal alleging that the construction company was being run in a manner prejudicial to the shareholders of the company.

In his petition, Sunil Goel alleged that Omaxe’ founder Rohtas Goel had abused his position of influence and control in the company from 2017 and that financial mismanagement and fraudulent transactions being done by the company had increased the debt of the company. As per the petition filed by Sunil Goel, Omaxe had in 2017 availed a loan of Rs 250 crore from Indiabulls Housing Finance Limited. Though he was then a part of the executive committee of the company, he did not received any intimation about the meeting where the resolution to approve the borrowing was taken. Subsequently, Sunil Goel in his petition alleged he was illegally ousted as the joint managing director at the 28th annual general meeting of the company, and his wife Seema Goel was appointed as the director. Sunil Goel also said that Omaxe limited had “ illegally restrained” him from attending the AGM “by using force and threats”. While accepting the plea to examine allegations of oppression and mismanagement at Omaxe, the NCLT Chandigarh made it clear that the observations made by it in the case would not have any bearing on the final outcome of the case or any other cases related to the company.

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