Centre to take over management of Unitech in consumer interest
NCLT has directed government to submit the 10 names by December 20.
Dec 09, 2017, 15:18 PM IST
Company law tribunal, National Company Law Tribunal (NCLT) has suspended all the eight directors of realty firm Unitech over allegations of mismanagement and siphoning of funds, while authorising the government to appoint its 10 nominees on the board.
Unitech owes Rs 723 crore to 20,000 home buyers and 51,000 depositors.
It has over Rs 6,000 crore debt with more than 16,000 undelivered units from about 70 projects.
The tribunal directed the suspended directors of Unitech to file their replies within a week.
NCLT has restrained Unitech's 8 suspended directors from selling their personal and company properties.
SC had recently asked Unitech to deposit Rs 750 crore by December-end in bail pleas of company MDs Sanjay Chandra and Ajay Chandra.