Published on January 23, 2019
New Delhi : The National Company Law Tribunal (NCLT) Chandigarh has issued a new order to Guild Builders Pvt. Ltd (holding company of Omaxe Ltd.).
In a new order NCLT Chandigarh directed Guild builders not to pledge any further shares of Omaxe Ltd. irrespective of whether the remaining shares has been treated as encumbered expect in order to top-up and / or margin calls for the already pledged shares.
In the last hearing on 21st December 2018, Guild Builders submitted the details of unencumbered shares of Omaxe to NCLT Chandigarh based on which court passed an order. However, Mr. Sunil Goel later found that the figures provided by Guild Builders to court was wrong, mischievous and misleading.
He immediately moved an application in NCLT Chandigarh informing about his apprehension and provided the actual details of un encumbered shares.
After hearing NCLT court issued fresh order today directing Guild Builders not to pledge any further shares of Omaxe.
It restrained Guild Builders, holding company of Omaxe from pledging any further shares of Omaxe for taking any loans/ financial assistance for Omaxe or any of its subsidiaries/ associate/ group company.
Till date Omaxe was borrowing funds from various financial institutions/ banks/ NBFC by pledging Omaxe shares which are held and controlled by Guild Builders. In the recent past two out three independent directors had already resigned from Omaxe after the filing of this petition.
This is important to mention that after Mr Sunil Goel was illegally removed as Joint Managing director in September 2017 profitability of the Omaxe has reduced substantially besides the company has increased its borrowing from 1300 to 1800 crores.
The Current financial scenario of the group is not stable, Omaxe Ltd. Credit Rating has also significantly fallen from stable to NEGATIVE, and profitability has dipped despite taking the extra loans from various banks and financial services providers. The case will be heard by the NCLT bench (Chandigarh) on 30 January 2019.
Omaxe Ltd., the real estate development companies, were founded by both the brothers in 1987 and currently has a footprint in 8 states and 27 cities.