Omaxe says promoters Rohtas Goel, Sunil Goel settled dispute amicably

Realty firm Omaxe said promoters Rohtas Goel and Sunil Goel have settled their dispute amicably, with the latter withdrawing legal cases

Realty firm Omaxe on Monday said promoters Rohtas Goel and Sunil Goel have settled their dispute amicably, with the latter withdrawing legal cases pending in the NCLT and agreeing to transfer his share to his elder brother's family.

Omaxe Group began its journey in 1987 when Rohtas Goel laid the foundation to undertake the construction and contracting business.

The two brothers have been engaged in a legal battle since 2017 after Sunil Goel was removed from the board of directors on September 27.

In a statement, Omaxe said Sunil Goel, his wife & HUF, have transferred their 9.45 per cent stake in Guild Builders Pvt Ltd (holding company of Omaxe) to elder brother Rohtas Goel and the entities controlled by him or his family members. These shares are equivalent to a 6.47 per cent indirect stake in Omaxe.

Sunil Goel group would be further transferring the remaining holding in tranches.

"Omaxe Group has amicably resolved the brother's legal dispute in the NCLT (National Company Law Tribunal) Chandigarh and Delhi. Pursuant to an amicable settlement, Sunil Goel has unconditionally withdrawn all his complaints and cases, which were pending before various courts, tribunals, regulators and authorities," the statement said.

Rohtas Goel and his younger brother Sunil Goel have agreed to the 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 and his family members to Rohtas and his family members.

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 statement said.

"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.

Omaxe has delivered over 132 million square feet of realty space. It has delivered 21 group housing real estate projects, 10 integrated townships, and 14 commercial malls/office spaces/hotels/SCOs. The group has another 22 million sq ft of space under construction. This includes 7 ongoing integrated townships, 5 group housing projects and 7 commercial malls/office spaces/hotels/SCOs.