Omaxe promoter restricted from pledging shares after NCLT order

Omaxe promoter entity Guild Builders has been restricted from further pledging of its shares in the realty firm as the NCLAT Tuesday modified the order passed by the NCLT in a dispute between the company's CMD Rohtas Goel and his younger brother Sunil Goel. Sunil Goe l had approached the National Company Law Appellate Tribunal (NCLAT) against the order passed by the Chandigarh bench of National Company Law Tribunal (NCLT), which had directed Guild Builders not to create pledge on 1.48 crore shares of realty firm except for top-up or margin calls.

He had contended that the figure of 1.48 crore was not correct as Guild Builders in December last year informed bourses that 7.32 crore shares were pledged out of total 11.44 crore shares held by it in Omaxe Ltd. Hearing the appeal, a two-member NCLAT bench headed by Chairman Justice S J Mukhopadhaya modified the NCLT order by deleting the figure.

"We find that NCLT while dealing with the defence of the Respondent Company (Guild Builders) did not consider that the Company under the Regulations was filing information with the BSE and also NSE which did not match with the defence which was being taken," said NCLAT. It further added that it was "incomplete information" and "the figure 1.48 crore used by NCLT in the Impugned Order ... is deleted and the Impugned Order dated 15th March 2019 stands modified accordingly."

Omaxe and its Chairman Rohtas Goel have been dragged to the NCLT by 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.

(With inputs from agencies.)