Trouble in Omaxe group

Leading real estate group Omaxe that has realty projects all across the country seems to be wading in troubled waters as Sunil Goel, the second largest promoter and shareholder of the group has levelled allegations of a financial fraud in the group. He filed a legal petition last week against Rohtas Goel, Chairman & Managing Director, Omaxe Ltd for malpractices and financial mismanagement in the company.

Sunil Goel and his group filed oppression and mismanagement Petition before the NCLT Chandigarh in respect of Omaxe Limited as well as for Guild Builders Private Limited. It is believed that he has sought for reinstatement as the Director of the Companies, status quo on assets and sought injunction that shares of Omaxe Limited held by Guild Builders should not pledged for taking further loans by Omaxe Limited.

The current financial scenario of the group is not stable, and the profitability dipped despite taking extra loans from various banks and financial service providers. In the past one year, Omaxe Group has increased its loan exposure from Rs1300 crore to Rs1800 crore.

Sunil Goel has even written letters to various financial institutions and major shareholders of company informing about the financial mismanagement requesting them to take necessary and immediate steps in shareholders’ interest. Founded in 1987 by brothers Rohtas and Sunil, differences arose between both brothers regarding functioning of the company in 2017.

Godrej Properties expands Noida portfolio

Godrej Properties Ltd. (GPL) will be expanding its residential portfolio in NCR, with the addition of a new luxury residential project in Noida in Sector 43. This project will offer approximately 0.2 million sq m (2.2 million sq. ft.) of saleable area and will be developed as a premium group housing development. GPL will develop this project in partnership with the Shipra Group, a prominent real estate owner and developer in north India with interests in both residential and commercial projects. This is GPL's fourth project in Noida and 13th project within NCR.