Omaxe Group’s legal disputes settled amicably

National: Omaxe Group, a leading real estate company, has amicably resolved the brother’s legal dispute in NCLT 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 Pursuant to an amicable settlement, Sunil Goel has unconditionally withdrawn all his complaints and cases, which were pending before various courts, tribunals, regulators, and authorities.

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

Earlier this year, Mr Rohtas Goel and his younger brother Sunil Goel 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 Goel and his family members to Rohtas Goel and his family members.

Sunil Goel group has already transferred 9.45% holding in Guild i.e., equivalent to a 6.47% indirect stake in Omaxe, to Mr Rohtas Goel and the entity controlled by his son Mr 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.

Omaxe has a successful track record of delivering over 132 million sq. ft. 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.

Omaxe is committed to providing superior-quality construction, customer satisfaction, and value creation for its stakeholders. Omaxe Group began its journey in 1987 when Mr Rohtas Goel laid the foundation to undertake the Construction and Contracting business.