The Supreme Court on Monday directed real estate investment firm Unitech Ltd to file a detailed affidavit of their assets both in India and abroad.
The Supreme Court on Monday directed real estate investment firm Unitech Ltd to file a detailed affidavit of their assets both in India and abroad.
The decision follows an order from the top court in December, staying the National Company Law Tribunal (NCLT) order which barred Unitech directors from acting as co-directors of the company over alleged mismanagement of funds.
Earlier, the NCLT had barred directors of the real estate major from acting as co-directors of the company and also issued a notice to Unitech Ltd on the Ministry of Corporate Affairs' plea, seeking a response in four weeks.
Prior to that, the apex court had ordered Unitech to deposit an amount of Rs. 750 crore before the court.
Furthermore, it also stated that the registry of the amount be done by December end, to ensure refund to its home buyers.
On a related note, Unitech owes Rs. 723 crore to 51,000 fixed deposit holders, and the company and its subsidiaries are yet to deliver 19,000 flats to buyers.
On 8 November,2017, the NCLT allowed the government to appoint new management for real estate giant Unitech Limited, as the Corporate Affairs Ministry sought to take control of the embattled company.
The NCLT agreed to the government's plea earlier and issued notices to Unitech's existing directors, who are now restrained from acting as board members. The two-member bench, headed by chairman justice MM Kumar, said the government can appoint 10 nominee directors, whose names it examined on December 20.
However, later on the NCLT refused to keep in abeyance its order of dismissing the Unitech board, saying the new directors would work as per the Supreme Court (SC) directive.
In April last year, the Economic Offence Wing (EOW) of the Delhi Police had arrested Unitech Limited's Managing Director Sanjay Chandra and his brother Ajay Chandra for allegedly not developing a project, despite receiving funds from the investors. The company has over Rs 6,000 crore debt with more than 16,000 undelivered units from a total of nearly 70 projects.
(With inputs from ANI)
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
 "Unitech case: SC seeks details of firms' assets in India, abroad")
){kind=small}
){kind=small}
){kind=small}
){kind=small}
)
){kind=small}
){kind=small}
)
)
)
)
)
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}