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Thursday,17-June-2021

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NCLT admits petition alleging mismanagement, fraud by Omaxe

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Fraud. (IANS Infographics)

The Chandigarh-bench of National Company Law Tribunal (NCLT) has admitted a petition filed against Omaxe Ltd over alleged acts of oppression and mismanagement claiming by the company and its management.

The petition filed by Sunil Goel, the former Joint Managing Director of the company levels allegations against Rohtas Goel, the Chairman and Managing Director of Omaxe for indulging in financial fraud, siphoning of funds, insider trading and inflation of turnover of the company.

The petition said that, in June 2017 Omaxe took a loan of Rs 250 crore from Indiabulls Housing Finance Limited as per the minutes of the Executive Committee’s meeting. It said that though Sunil Goel was a part of the Executive Committee, he did not receive any notice of the meeting wherein resolution for borrowing of loan of Rs 250 crores was approved.

“It is also stated that Sunil Goel has been repeatedly appointed as Joint Managing Director of Omaxe Limited till 27.09.2017 on which date he was illegally ousted in the 28th Annual General Meeting of the company where several resolutions, declaring dividend only to non-promoter shareholders and appointment of Seema Prasad as Director of Omaxe Limited, were passed,” it said.

The respondents, including Rohtas Goel illegally restrained the petitioners from participating in the Annual General Meeting by using force and threats, claimed Sunil Goel in his petition.

Further, as per the plea, Rohtas was also involved in exclusion of the petitioners from the affairs of the company to “gain control over the company and all its subsidiaries in order to financially disable the petitioners”.

Rohtas allegedly conducted the affairs of the company in an oppressive manner towards the petitioners and also towards the interest of the company.

“It is stated that owing to such financial mismanagement and fraudulent transactions the financial debts have increased and profits have dipped down. Various letters have been issued on behalf of the petitioners, objecting to the illegal and oppressive acts of respondents, but in vain,” said the petition.

Founded in 1989, the company has its presence in eight states across 27 cities. Rohtas Goel is the Chairman and Managing Director of Omaxe Limited and represents the largest promoter shareholder group of the company. Sunil Goel, younger brother of Rohtas Goel represents the second largest promoter shareholder group having 22 per cent shareholding in the company.

Primarily, the shareholding of the promoter and promoter group is through Guild Builders Private Limited, which holds around 68.45 per cent shares of Omaxe Limited and is a holding company of Omaxe Limited.

In 2017, differences arose between the brothers with regard to functioning of the company, following which Sunil Goel was removed from the company in September 2017, which he claims as an illegal removal.

Business

IT Minister blasts Twitter, says it failed to comply with new guidelines

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Ravi-Shankar-Prasad

A day after micro-blogging platform Twitter said that it has appointed a Chief Compliance Officer, Union Electronics and IT Minister Ravi Shankar Prasad on Wednesday said that the US-based company has failed to comply to the new intermediary guidelines.

In a series of tweets, the minister came down hard on the platform over its reluctance to comply with the new norms.

“There are numerous queries arising as to whether Twitter is entitled to safe harbour provision. However, the simple fact of the matter is that Twitter has failed to comply with the Intermediary Guidelines that came into effect from the 26th of May,” Prasad said.

He also said that Twitter was given multiple opportunities to comply with the same, however it has “deliberately chosen” the path of non-compliance.

Observing that the culture of India varies like its large geography, he said in another tweet: “In certain scenarios, with the amplification of social media, even a small spark can cause a fire, especially with the menace of fake news. This was one of the objectives of bringing the Intermediary Guidelines.”

“What happened in UP was illustrative of Twitter’s arbitrariness in fighting fake news. While Twitter has been over enthusiastic about its fact checking mechanism, it’s failure to act in multiple cases like UP is perplexing & indicates its inconsistency in fighting misinformation,” he said.

Prasad said that it is astounding that Twitter which portrays itself as the flag bearer of free speech, chooses the path of deliberate defiance when it comes to the intermediary guidelines.

“Further, what is perplexing is that Twitter fails to address the grievances of users by refusing to set up process as mandated by the law of the land. Additionally, it chooses a policy of flagging manipulates media, only when it suits, its likes and dislikes,” he said.

Further, in another development, official sources have said that Twitter has lost its status as intermediary platform in India as it has not complied with new guidelines.

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Business

ICICI Bank launches ‘ICICI STACK for Corporates’

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ICICI Bank.

The ICICI Bank on Wednesday announced the launch of ‘ICICI STACK for Corporates’, a comprehensive set of digital banking solutions for corporates and their entire ecosystem including promoters, group companies, employees, dealers, vendors and all other stakeholders.

The wide range of 360-degree solutions enables corporates to seamlessly meet all banking requirements of their ecosystem in an expeditious and frictionless manner. With this launch, ICICI Bank aims to be the preferred banking partner for companies and their entire ecosystem.

The environment in which corporate customers operate is becoming increasingly dynamic and competitive with accelerated digital adoption transforming every business. In this ever-changing environment, a banking partner, which can serve not only the corporates but also the entire ecosystems where they operate in, adds significant value to corporate customers, the bank said in a statement.

With this backdrop, the Bank has created ‘ICICI STACK for Corporates’ to serve the companies and their ecosystem by bringing the full bank to the customers, it added.

A first-of-its kind initiative, the ‘ICICI STACK for Corporates’ provides customised digital banking services to companies in over 15 leading industries– such as financial services, IT/ITES, pharmaceuticals, steel to name a few– and their entire ecosystem. Armed with the Bank’s digital platforms, these services can further be tailor-made for companies within an industry.

The four main pillars of the ‘ICICI STACK for Corporates’ are: digital banking solutions for companies; digital banking services for channel partners, dealers and vendors; digital banking services for employees and curated services for promoters, directors and signatories.

In order to supplement these digital efforts, ICICI Bank has opened eight ecosystem branches — five in Mumbai and three in the National Capital Region (NCR). It plans to launch another four in this financial year.

Vishakha Mulye, Executive Director, ICICI Bank said, “In an increasingly competitive and dynamic environment with rapid digital transformation impacting every industry, corporates look towards a banking partner, which can offer the breadth and depth of solutions for the entire ecosystem. With an objective to cater to the ecosystem of every corporate, we have launched a digital ‘ICICI Stack for Corporates’ with many industry first features. It offers banking solutions to corporates with backward and forward integration for their entire network of employees, dealers, vendors and all other stakeholders. We look forward to partnering with our customers for the banking needs of their entire ecosystem and unlock the full potential.”

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Brent may test $78-$80 levels, support at $68-$70 levels: Emkay

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Petrol. (File Photo: IANS)

Brent crude oil prices may test higher levels of $78-$80, and the support may be at USD 68-70 level, according to a study by Emkay Wealth Management.

But the rise may be, to a certain extent, limited by the strength in the US Dollar against other currency majors, the study added.

One major factor that dominated oil markets is the possibility of a nuclear deal between the US and Iran, and also better relations between the two countries, based on the reported talks between the two parties. This would mean that the supply from Iran will be in the markets as soon as such a pact is reached. Therefore, the prices should naturally come down.

But there is a strong view that oil prices may start going up, anticipating this supply in the near future, Emkay said.

One of the seasonal factors is that during and immediately after the summer in the northern hemisphere the number of people who would take to the highways moving to holiday destinations is quite large, and this keeps the prices high. This is one reason that may support prices to remain high.

It is also worth noting that the recovery in economic activity in the US and Europe is on course, and the same may be true of the leading Asian countries too. This may also support higher oil prices though demand in Asia is yet to go back to the pre-pandemic levels, the company’s study said.

The production in the US which was at 13 million barrels per day just before the pandemic has touched almost 11 million barrels per day recently. Therefore, restoration of supply as well as demand is happening.

Overall economic conditions warrant higher consumption and therefore, higher prices. Again, much would depend on the stance taken by OPEC+ which may be meeting soon. Russia is now in sync with OPEC in achieving the production cuts which the OPEC had envisioned earlier.

A related matter is the enhanced climate activism seen in the recent past and the likely attempts at containment of carbon emissions by oil companies and producers. It is gathering pace and it is good for the environment and posterity. It also means higher prices for oil as we start implementing the governance standards on climate. The extent to which renewable energy or electricity could replace the traditional sources is limited in the initial stages, and in fact, many believe that the common man may not be able to afford the costs associated with electric vehicles.

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