Omaxe Group: Goel brothers settle legal dispute, all cases unconditionally withdrawn

financialexpress.com:

The Omaxe Group, a leading real estate company, claims to have 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 Pursuant to an amicable settlement, Sunil Goel has unconditionally withdrawn all his complaints and cases, which were pending before various courts, tribunals, regulators and authorities.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 functioning of the company, when Sunil Goel was removed from the company.

Earlier this year, Rohtas Goel and his younger brother Sunil Goel agreed for the full and final resolution of all their disputes related to shareholding, directorship, control, management and affairs of the Omaxe Group companies and for transferring the entire holding of Sunil Goel and his family members to Rohtas Goel and his family members.

The Sunil Goel group has already transferred 9.45% holding in Guild i.e., equivalent to a 6.47% indirect stake in Omaxe, to Rohtas Goel and the entity controlled by his son Mohit Goel, and shall be further transferring the remaining holding in tranches.

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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 the 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