Leading real estate group resolves legal dispute in NCLT

A leading real estate company has amicably resolved the brother’s legal dispute in the National Company Law Tribunal (NCLT) Chandigarh and Delhi. 

In 2017, differences arose between the brothers with regard to functioning of the Omaxe Group, when Sunil Goel was removed from the company. 

Pursuant to an amicable settlement, Sunil Goel has unconditionally withdrawn all his complaints and cases, which were pending before various courts, tribunals, regulators and authorities.

Earlier this year, Rohtas Goel and his younger brother Sunil Goel agreed for full and final resolution of all their disputes related to shareholding, directorship, control, management and affairs of Omaxe Group companies and for transferring the entire holding of Sunil Goel and his family members to Rohtas Goel and his family members.
 
Sunil Goel group has already transferred 9.45 per cent holding in Guild i.e., equivalent to a 6.47 per cent indirect stake in Omaxe, to Rohtas Goel and the entity controlled by his son Mohit Goel and shall be further transferring the remaining holding in tranches. 
 
Consequent to this settlement and inter-se transfers, Mohit Goel and Jatin Goel, sons of Rohtas Goel, have emerged as the largest shareholders in the company.
 
"The settlement reflects our commitment to a united vision for Omaxe Group. We're eager to contribute our energy and ideas as we take on this larger role. Our family's legacy of excellence will continue to guide us as we navigate the company's future challenges and successes," said Mohit Goel, MD, Omaxe Group. 
 
Omaxe is currently involved in two public-private partnership projects in the national capital, Chandni Chowk and Dwarka. The company has applied for the occupancy certificate for its retail project, Omaxe Chowk, at Chandni Chowk. It expects it to be operational by the end of this year. Additionally, Omaxe anticipates commencing the construction of the Dwarka project by the end of this year.