Omaxe barred from pledging shares

New Delhi: Omaxe promoter entity Guild Builders has been restricted from further pledging of its shares in the realty firm as the NCLAT on Tuesday modified the order passed by the NCLT in a dispute between the company’s CMD Rohtas Goel and his younger brother Sunil Goel. Sunil Goel had approached the National Company Law Appellate Tribunal (NCLAT) against the order passed by the Chandigarh bench of National Company Law Tribunal (NCLT), which had directed Guild Builders not to create pledge on 1.48 crore shares of realty firm except for top-up or margin calls.

He had contended that the figure of 1.48 crore was not correct as Guild Builders in December last year informed bourses that 7.32 crore shares were pledged out of total 11.44 crore shares held by it in Omaxe Ltd.  Hearing the appeal, a two-member NCLAT bench headed by Chairman Justice S J Mukhopadhaya modified the NCLT order by deleting the figure.

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