Macrotech Developers Changes Name To Lodha Developers
The firm confirmed via an exchange filing on Monday that the Registrar of Companies, of the Ministry of Corporate Affairs approved the name change.
Macrotech Developers Ltd. received official government approval to change its name to Lodha Developers Ltd. with effect from Monday.
The firm confirmed via an exchange filing on Monday that the Registrar of Companies, of the Ministry of Corporate Affairs approved the name change.
The name disputes began when Macrotech Developers accused House of Abhinandan Lodha of fraud and forgery in an exchange notification. House of Abhinandan Lodha, in turn, has denied these allegations.
The allegations claim that House of Abhinandan Lodha forged Macrotech Developers' board resolutions, an independent director's signature, and his PAN card picture. They further allege that the boards of two House of Abhinandan Lodha entities used these fraudulent documents to change their corporate names to ones beginning with 'LODHA' through government authorities.
Macrotech Developers announced it has formed a special committee of directors to investigate the issue and plans to pursue legal action against House of Abhinandan Lodha.
"Mr. Abhishek Lodha has requested not to be part of this Committee and the same has been accepted," the exchange notice said.
In a statement, House of Abhinandan Lodha said that it is "internally looking into the matter" and will come out with a detailed response.
"Suffice it to state that the House of Abhinandan Lodha does not admit any of the allegations of fraud and forgery sought to be attributed to us," a spokesperson for House of Abhinandan Lodha said.
Abhishek Lodha, the elder brother, had sued Abhinandan Lodha, claiming he lacked the right to use the "Lodha" brand name for his construction business.
Shares of Macrotech Developers Ltd. closed 1.24% higher at Rs 1,470 apiece on the NSE, compared to a 0.92% rise in the benchmark Nifty. The stock has fallen 7.64% in the last 12 months and risen 5.84% on a year-to-date basis.
Out of 18 analysts tracking the company, 13 have a 'buy' rating on the stock, four recommend 'hold' and one suggests 'sell', according to Bloomberg data. The average of 12-month analysts' price target implies a potential downside of 3.6%.
