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Real estate firm Omaxe and its Israeli joint venture partner Azorim today settled their disputes before the Company Law Board (CLB).
The CLB disposed off the cross petitions filed by Omaxe and Israeli real estate firm Azorim after the counsel informed about the settlement.
Omaxe and Azorim had filed cross petitions against each other in November last year.
In 2006, Omaxe and Azorim had formed the 50:50 joint venture named as Omaxe Azorim Pvt Ltd to develop projects in Faridabad.
Azorim had alleged mismanagement in operation of the joint venture firm by Omaxe and suppression of facts by its promoters Mr Rohtas Goel, Mr Sunil Goel and its company secretary Venkat Rao.
However, Omaxe had alleged that there was a deadlock in the joint venture due to Azorim’s non-cooperation and had requested the CLB to ask the Israeli company to exit the venture.
Omaxe welcomed CLB’s move to dispose off the cross petitions.
“Omaxe is committed to early completion of the said projects. We are thankful to our joint venture partner and the Company Law Board for speedy resolution of the said matter,” said an Omaxe official in the statement.
As per the joint venture agreement, Omaxe was supposed to provide land for the projects while the Isreali firm would provide funds of up to Rs 102 crore for their development.
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