NCLT directs status quo in Buildwell Builders’ shareholdings’

NCLT directs status quo in Buildwell Builders’ shareholdings’
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New Delhi: The National Company Law Tribunal (NCLT) Delhi has directed Buildwell Builders Pvt Ltd, an associate company of Omaxe, to maintain ‘status quo in respect of shareholdings and directorship till further orders.

“It has also indicated that Sunil Goel be allowed access to his office and the records of the company,” a statement issued on behalf of Sunil Goel, second largest promoter of Omaxe Group with 20 per cent shareholding, said on Wednesday.

Sunil Goel, who filed a legal petition on September 17 against the chairman and elder brother Rohtas Goel for malpractices and financial mismanagement in the real estate firm, has also sought reinstatement as director of the company and ‘status quo’ on assets.

While NCLT Delhi ordered Sunil Goel the access of Kalkaji office, access of books of account, ‘status quo’ in shareholding and directorship of the company, the NCLT Chandigarh ordered shareholder Guild Builders Private Limited restrained from issuing any further shares.

The new petition was filed to restrain the pledging of the shares of Guild Builders Pvt Ltd and inspection of the accounts of the Omaxe for which the notice been issued.

“The current financial scenario of the group is not stable and profitability has dipped despite taking the extra loans from various banks and financial services providers,” it said.

The case will be heard by the NCLT Chandigarh bench on November 16, 2018. Omaxe Ltd, the real estate development company, was founded by both the brothers in 1987 and currently has a footprint in 8 states and 27 cities.

As per an earlier statement from Sunil Goel, he was ousted from the company in 2017 when he acted as a whistle-blower raising objections about a financial fraud. In the last one year, Omaxe Group has increased its loan exposure from Rs 1,300 crore to Rs 1,800 crore.