NCLT allows Guild Builders to top up shares of Omaxe

In a recent development, National Company Law Tribunal (NCLT) Bench, Chandigarh, has allowed Guild Builders to continue to further top up more shares of realty firm Omaxe to meet top-up or margin call requirements if needed. Guild Builders is the parent company of real estate major Omaxe Limited.

“The order of the Hon'ble NCLT in the Sunil Goel vs Guild Builders case is self-explanatory and the shares which the company has pledged will continue to be treated as pledged. The company can further top up more shares, as per the security agreements, if the lender makes any margin calls in future,” said Guild Builders.

“This will in no way disrupt the business of the company, rumours of which are being floated by some vested interests,” they added.

“In the meantime, the respondent No.1 not to further pledge the shares irrespective of whether the respondent No.1 has treated the shares as encumbered except in order to top-up and/or margin calls for the already pledged shares,” the NCLT bench said in its order on January 21.

The company requested the public and shareholders to be beware of any rumours being spread by vested interests and said that Guild Builders has given an undertaking to the court that it will not pledge shares except in case of exigency of margin call.