Lawstreet Journal

Supreme Court Grants Interim Bail to Unitech Promoter Sanjay Chandra

Lawstreet Journal 8 Jul 2020 5:47pm

Image courtesy: Lawstreet Journal Judiciary Supreme Court Grants Interim Bail to Unitech Promoter Sanjay Chandra

On Tuesday 7 July 2020, the Supreme Court granted interim bail to Unitech Ltd. promoter Sanjay Chandra. The Court was told that his 78-year old father has been infected with COVID-19 and had been hospitalized in the Intensive Care Unit (ICU).

Sanjay, along with his younger brother Ajay Chandra, was sentenced to imprisonment in 2017 for allegedly siphoning off more than Rs 5,000 crore, deposited by homebuyers into his real estate firm.

A division bench of Justices D Y Chandrachud and M R Shah granted the interim bail for one month to Sanjay, though Ajay Chandra was denied the same.

Background of the Case-

Unitech failed to complete its housing projects in Gurugram and Greater Noida and did not refund the homebuyer’s money with interest incurred thereon. It had promised to deliver possession of the flats in 2012.

In 2015, a criminal complaint was filed against the Chandra brothers. Later on, 173 home buyers of Unitech projects− ‘Wild Flower Country’ and ‘Anthea Project’ in Gurugram− joined the complainant and filed similar complainants.

In 2018, the Supreme Court ordered a forensic audit of Unitech Ltd. and its sister companies and other subsidiaries. It was carried out by, a Forensic and Investigation Services partner in M/S Grant Thornton India, Sameer Paranjpe.

The reports were then submitted by the financial auditors that stated that Unitech Ltd. received about Rs 14,270 crore from 29,800 homebuyers, mostly between 2006 and 2014. In addition to this, it received about Rs 1,805 crore from 6 financial institutions for the construction of 74 projects.

The audit… Continue Reading...

Tagged: Unitech  
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