Omaxe's holding company Guild Builders has submitted before the NCLT that it will not pledge shares of the realty firm for the time being except for exigencies like margin calls.
The submission was made in a case where Omaxe and its Chairman Rohtas Goel have been dragged to the National Company Law Tribunal (NCLT) by his younger brother Sunil Goel, who has alleged mismanagement of the company's affairs.
Sunil Goel, who was removed as joint managing director last year, also sought his reinstatement.
During the hearing before the Chandigarh bench of the NCLT, Guild Builders' counsel submitted that it would pledge shares only in case of exigencies.
"In the meanwhile, it is directed that in case further pledge of the shares is required, as per the statement made in the reply, in order to top-up and/or margin calls, the respondent No 1 (Guild Builders) company would file the statement to that effect before this Tribunal within one week of doing so with copy advance to the counsel opposite," the two-member bench said in its order dated December 21, 2018.
Guild Builders, which held 62.57 per cent stake in Omaxe as on September 30, 2018, also requested the tribunal to dismiss the petition.
The tribunal asked the holding company and other respondents to file reply within five weeks in the main petition, where Sunil Goel has alleged mismanagement in the company's affairs.
Guild Builders submitted its reply over the interim application filed by Sunil Goel seeking stay over further pledge of Omaxe shares by the holding company.
The holding company countered the allegations of "mismanagement" and "suppression" and said the petition filed before the tribunal was not maintainable.
The tribunal listed the matter for further hearing on February 20, 2019.