SC asks Unitech to pay compensation to Noida flat buyers by August 12 or face jail

The Supreme Court has asked the senior management of real estate company Unitech to pay interim compensation of around Rs 5 crore to Noida flat buyers by August 12. The country's top court has also warned the company Directors that failing to do so, they may face imprisonment.

Updated: Jul 01, 2016, 13:02 PM IST
SC asks Unitech to pay compensation to Noida flat buyers by August 12 or face jail

Zee Media Bureau

New Delhi: The Supreme Court has asked the senior management of real estate company Unitech to pay interim compensation of around Rs 5 crore to Noida flat buyers by August 12.

The country's top court has also warned the company Directors that failing to do so, they may face imprisonment.

Unitech Group had failed to give possession to flat buyers in its Burgundy Society in Noida Sector 76.

The National Consumer Disputes Redressal Commission (NCDRC) had earlier directed Unitech to compensate the flat buyers.

The share price of Unitech fell 1.5 percent intra-day on Friday.