Alleging financial fraud in the Omaxe group, Sunil Goel, the second largest promoter of the company, has filed a legal petition against the Chairman and elder brother, Rohtas Goel, for malpractices and financial mismanagement in the real estate company. 

Rohtas Goel represents the largest promoter shareholder group of the company, while younger brother, Sunil Goel, is the second largest promoter and shareholder in the group, with a 20 per cent shareholding in the company. 

The shareholding of the promoter and promoter group is through Guild Builders Pvt Ltd, which holds around 65-70 per cent shares of Omaxe Ltd and is a holding company of Omaxe Ltd. On September 17, Sunil Goel and his group filed an oppression and mismanagement petition before the NCLT Chandigarh in respect of Omaxe Ltd as well as for Guild Builders Pvt Ltd. In the last one year, Omaxe Group has increased its loan exposure from Rs 1,300 crore to Rs 1,800 crore.

According to the statement issued, Sunil Goel has sought reinstatement as Director of the companies, status quo on assets and sought an injunction that shares of Omaxe Ltd, held by Guild Builders, should not be pledged for taking further loans by Omaxe Ltd.

The current financial scenario of the group is not stable, and profitability has dipped despite taking extra loans from various banks and financial service providers. “No further details can be given right now as the matter is still sub-judice,” said a person familiar with the development. 

The case will heard by the NCLT bench (Chandigarh) on November 16.  Omaxe Ltd, the real estate development companies, were founded by both the brothers in 1987 and currently have a footprint in eight states and 27 cities.