The police report was based on investigation into 174 complaints received from homebuyers of Wild Flower County and Anthea projects situated at Gurugram, Haryana in July 2015.
The Supreme Court dismissed the bail applications of realty major Unitech's top bosses Sanjay Chandra and Ajay Chandra after a scathing report prepared by Delhi Police showed how the company siphoned off crores of rupees of home buyers while the proposed housing projects failed to take off for want of necessary approvals.
The Delhi Police counsel Rajiv Nanda submitted a sealed cover status report to a bench of Justices DY Chandrachud and MR Shah that formed the basis for Court to conclude not to grant bail to the two corporate honchos. The police report was based on investigation into 174 complaints received from homebuyers of Wild Flower County and Anthea projects situated at Gurugram, Haryana in July 2015. The total worth deposited by these homebuyers was about Rs 370 crore.
Investigation by police found that Unitech had not yet submitted layout plan, building plan and zoning plan, apart from environment clearances. The police had submitted its chargesheet before a Delhi court and the framing of charge is slated for February 7.
Considering the crucial stage of trial the bench refused to grant bail. In addition, a previous order passed by a three-judge bench of SC on October 30, 2017 came to the Court's attention where Chandras had to deposit Rs 750 crore as a precondition to get bail. This amount was still outstanding and hence the Court found it fit not to grant bail to the accused brothers.
The Chandra brothers are in jail since August 2017 and claim to have deposited close to Rs 400 crore with the SC Registry. The Court directed the jail authorities to facilitate Chandra's meeting with his company officials and lawyers in order to make arrangements for refunding homebuyers. Meanwhile, a forensic audit of the company by a foreign firm Grant Thorton is also underway.
The top court, however had made it clear that Chandra was only entitled to negotiate in respect of unencumbered properties or assets of the group.
Amicus Curiae Pawansree Agarwal informed the bench that out of 16000 odd homebuyers, 9,390 have expressed their choice for either seeking refund or getting flats. Around 4,700 buyers want refund.
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