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Omaxe chairman Rohtas Goel dragged to NCLT by younger brother

Press Trust of India  |  New Delhi 

Realty group Omaxe and its chairman Rohtas Goel have been dragged to the National Company Law Tribunal by his younger brother Sunil Goel, alleging mismanagement into the affairs of the company.

Sunil Goel, who was removed as a joint managing director last year, also sought his reinstatement and also prayed for a status quo ante of the company on September 27, 2017.

Omaxe group has termed the allegations of Sunil Goel as "false and frivolous".

The Chandigarh bench of NCLT heard the matter on September 19 and did not grant any stay. It has posted the matter on November 16 for hearing.

The NCLT has observed that the petitioner has only 1.84 per cent stake in Omaxe and sought a special waiver under Section 244 of the Companies Act to be eligible to file such a matter.

"No ground for interim stay. The petitioner shall collect the notices from the registry and send the same immediately to the respondents No.1 to 15 by speed post at the registered office address of Omaxe along with the copy of petition and the entire paper book as well as at the email address available on the master data of the company and by speed post to rest of the respondents and file affidavit of service along with copy of postal receipts, tracking report and copy of email at least five days before the date fixed," it said.

In his petition,

Sunil Goel has asked NCLT to declare that his elder brother Rohtas "is acting in oppressive manner against him" and remove him from the post of chairman-cum managing director of the company.

He has also requested NCLT to declare his elder sibling "guilty of misappropriation and misutilisation of funds" of Omaxe.

Sunil has also asked that an independent person be appointed as chairman, besides freezing of sale and alienating assets of the company.

Meanwhile, Omaxe said in a statement, "We state that false and frivolous allegations have been raised by Sunil Goel in the Company Petitions filed before the NCLT, Chandigarh and as the matter is sub-judice, the same will be dealt with in accordance with law.

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Fri, September 21 2018. 22:25 IST