Omaxe Ltd on Monday announced the appointment of Sunil Goel, brother of its chairman and MD Rohtas Goel, as additional director (executive), signalling a truce between the warring brothers. The appointment, with effect from October 1 and for the next five years, assumes importance as the two brothers were engaged in a legal tussle since 2017.
The younger brother Sunil Goel was removed from the board of directors in the 28th annual general meeting (AGM) held on September 27, 2017.
Later, Sunil Goel filed legal cases in the National Company Law Tribunal (NCLT), alleging financial irregularities in the company and illegal removal of him from the board of directors.
In a regulatory filing, Omaxe informed that the board of directors has appointed Sunil Goel as an Additional Director (Executive) on the Board of the company.
The appointment is subject to the shareholders’ approval.
Sunil Goel had filed a petition in the NCLT alleging “financial mismanagement and fraudulent transactions” by his elder brother Rohtas Goel and had sought a waiver in the filing criteria of having 10 per cent shares of the company.
Sunil Goel has an overall experience of 28 appointment years in the real estate sector.
He was former Joint Managing Director of Omaxe.
