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Bloomberg Quint
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Macrotech Developers Changes Name To Lodha Developers
- Macrotech Developers Ltd. has officially changed its name to Lodha Developers Ltd., approved by the Registrar of Companies under the Ministry of Corporate Affairs.
- The name change approval follows a dispute where Macrotech Developers accused House of Abhinandan Lodha of fraud and forgery, which the latter denied.
- Allegations include forging board resolutions, an independent director's signature, and a PAN card picture to change corporate names beginning with 'LODHA.'
- Macrotech Developers has set up a special committee to investigate and intends to take legal action against House of Abhinandan Lodha, excluding Mr. Abhishek Lodha from the committee.
- House of Abhinandan Lodha is reviewing the matter internally and denies the allegations of fraud and forgery made against them.
- There is an ongoing legal battle between the Lodha brothers regarding the right to use the 'Lodha' brand name for construction businesses.
- Macrotech Developers' stock closed 1.24% higher following the name change news, with analysts split between 'buy,' 'hold,' and 'sell' ratings on the stock.
- Despite analysts' mixed recommendations and a potential downside based on price targets, the stock has seen fluctuations in the past year in terms of performance.
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