Signalling a truce between the warring brothers, real estate company Omaxe Ltd has announced the appointment of Sunil Goel, brother of chairman and MD Rohtas Goel, as additional director (executive).
Sunil Goel has been appointed as an additional director (executive) with effect from October 1, 2021 for a period of five years, the company said in a regulatory filing on September 27. He was the former joint managing director of the realty firm.
The appointment is subject to shareholders' approval.
“Pursuant to Regulation 30 of SEBI (LODR) Regulations, 2015, this is to inform you that the Board of Director at its Meeting held on September 27, 2021 and at the recommendation of Nomination & Remuneration Committee, has appointed Mr. Sunil Goel (DIN: 00003743) as an Additional Director (Executive) on the Board of the Company with effect from October 1, 2021 for a period of 5 (Five) consecutive years, subject to the Approval of Members,” it said.
The two brothers were engaged in a legal battle since 2017 after Sunil was removed from the board of directors on September 27.
Sunil filed cases in the National Company Law Tribunal (NCLT), alleging financial irregularities in the company and challenging his removal from the board of directors. In his petition, alleged "financial mismanagement and fraudulent transactions" by Rohtas.Sources said “a settlement agreement may be signed between the two brothers following which Sunil Goel is likely to withdraw the case".