NCLT Chandigarh agrees to listen to plea alleging mismanagement at Omaxe

The Chandigarh Bench of National Company Law Tribunal (NCLT) has agreed to listen to a plea of oppression and mismanagement towards the administration of New Delhi-based builder Omaxe Limited founder Rohtas Goel. The petition has been filed by a former joint managing director of the corporate, Sunil Goel and his spouse Seema Goyal alleging that the development firm was being run in a way prejudicial to the shareholders of the corporate.
In his petition, Sunil Goel alleged that Omaxe’ founder Rohtas Goel had abused his place of affect and management within the firm from 2017 and that monetary mismanagement and fraudulent transactions being accomplished by the corporate had elevated the debt of the corporate. As per the petition filed by Sunil Goel, Omaxe had in 2017 availed a mortgage of Rs 250 crore from Indiabulls Housing Finance Limited. Though he was then part of the manager committee of the corporate, he didn’t acquired any intimation in regards to the assembly the place the decision to approve the borrowing was taken. Subsequently, Sunil Goel in his petition alleged he was illegally ousted because the joint managing director on the twenty eighth annual common assembly of the corporate, and his spouse Seema Goel was appointed because the director. Sunil Goel additionally stated that Omaxe restricted had “ illegally restrained” him from attending the AGM “by using force and threats”. While accepting the plea to look at allegations of oppression and mismanagement at Omaxe, the NCLT Chandigarh made it clear that the observations made by it within the case wouldn’t have any bearing on the ultimate final result of the case or some other circumstances associated to the corporate.