On October 30, the Supreme Court had directed Unitech to deposit Rs 750 crore by December and secure bail for Sanjay Chandra, its former director who is serving a jail sentence for alleged forgery.
A National Company Law Tribunal (NCLT) bench, headed by Justice MM Kumar, today directed the central government to appoint a temporary board of 10 directors to run real estate major Unitech. NCLT had recently taken over the management of Unitech on the request of the central government, as the former management had been facing allegations of fund siphoning.
NCLT had also issued a notice to Unitech to file its reply to the charges within four weeks. The next hearing is scheduled for December 20.
Incidentally, on October 30, the Supreme Court had directed Unitech to deposit Rs 750 crore by December and secure bail for its former director Sanjay Chandra, who has been serving a jail sentence for alleged forgery.
As many as16,300 homebuyers are claiming a refund of Rs 7,800 crore from various Unitech projects through the Supreme Court.
Chandra’s counsel, former solicitor-general Ranjit Kumar, has appealed for bail at the Supreme Court, saying the refund process would go more smoothly once he is let out.
Today, when the apex court is questioning the limited liabilities of private real estate companies in the interest of homebuyers, it will be interesting to see the outcome of this case.