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NCLT orders status quo on Omaxe’s land in Hyderabad

The NCLT has also ordered nonencumbrance on the land, on a petition filed by group chairman Rohtas Goel’s younger brother and former joint managing director Sunil Goel.

, ET Bureau|
Nov 30, 2019, 01.53 PM IST
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The NCLT has also ordered nonencumbrance on the land, on a petition filed by group chairman Rohtas Goel’s younger brother and former joint managing director Sunil Goel.
New Delhi: The National Company Law Tribunal (NCLT) has asked the Omaxe group to maintain status quo on 25 acres of land at Kokapet, Hyderabad, and also the shareholding of Eden Buildcon, which owns that property.

The NCLT has also ordered nonencumbrance on the land, on a petition filed by group chairman Rohtas Goel’s younger brother and former joint managing director Sunil Goel.

According to Sunil Goel, Omaxe at the time of its initial public offering in 2007 had declared that the project at Kokapet would yield a value of more than ₹1,800 crore. “Now, what I have learnt that they are selling at much less than the market rate. I have 22% of shareholding in most of the Omaxe’s subsidiaries and I am the second largest shareholder. The way land deal is happening is misuse of management and that is why I had decided to move the NCLT,” Goel told ET.

“The order passed by the NCLT is an ex-parte order and we are taking legal advice on it,” said an Omaxe spokesperson. “There is no wrongdoing whatsoever on our part as Eden Buildcon has already been sold to the Salarpuria Sattva Group and is no longer a subsidiary of Omaxe Ltd,” he added.

Sunil Goel’s dispute with his brother started in 2017. He was later removed as a director of the Omaxe promoter entity, Guild Builders.

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