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Will not pledge Omaxe shares except in exigencies: Guild Builders to NCLT

Guild Builders, which held 62.57 per cent stake in Omaxe as on September 30, 2018, also requested the tribunal to dismiss the petition

Press Trust of India  |  New Delhi 

Will not pledge Omaxe shares except in exigencies: Guild Builders to NCLT

Omaxe's holding company has submitted before the that it will not shares of the realty firm for the time being except for exigencies like calls.

The submission was made in a case where and its have been dragged to the Tribunal (NCLT) by his younger brother Sunil Goel, who has alleged mismanagement of the company's affairs.

Sunil Goel, who was removed as last year, also sought his reinstatement.

During the hearing before the Chandigarh bench of the NCLT, Guild Builders' submitted that it would shares only in case of exigencies.

"In the meanwhile, it is directed that in case further of the shares is required, as per the statement made in the reply, in order to top-up and/or 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 opposite," the two-member bench said in its order dated December 21, 2018.

Guild Builders, which held 62.57 per cent stake in 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 has alleged mismanagement in the company's affairs.

submitted its reply over the interim application filed by seeking stay over further pledge of 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.

First Published: Tue, December 25 2018. 15:35 IST
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