SC declines bail to Unitech promoter

Team SoOLEGAL 17 Feb 2018 3:59pm

SC declines bail to Unitech promoter

New Delhi :The Supreme Court  bench comprising Chief Justice Dipak Misra and Justice AM Khanwilkar while listening to criminal case lodged in 2015 by 158 home buyers of Unitech projects -- ‘Wild Flower Country’ and ‘Anthea Project’ -- in Gurgaon declined plea by Senior advocate Ranjit Kumar appearing for Unitech, to release  Sanjay Chandra on bail.  The apex court further directed  Omshakthy Agencies (Madras) Pvt Ltd to deposit Rs 90 crore by March 31 in the apex court registry as the company  is negotiating with  Unitech Ltd to purchase land in Chennai valued at around Rs 400 crore.

A senior official of Omshakthy Agencies (Madras) Pvt Ltd appeared before the court as per its January 29 direction, when the bench initially had asked him to deposit Rs 150 crore by March 31.However, the counsel representing the official told the bench that as per the agreement of sale with Unitech, the entire amount of Rs 400 crore was to be paid by June 2019 only and by March 31 this year, the company had to pay only Rs 90 crore.On this the bench assked the official to deposit Rs 90 crore by March 31,2018.

Advocate Pawanshree Agrawal, assisting the court as an amicus curiae in the matter, drew attention  to an application filed by some investors saying that Unitech could sell three of its housing projects and get money to pay Rs 2,000 crore to the Noida Authority and over Rs 200 crore to the LIC. The company would then have a tranche of Rs 1,000 crore left with it.

The counsel for Unitech said  would file a response to the suggestion given in the application.

He also repeatedly requested the bench to grant custody parole to Chandra.

“I (Sanjay Chandra) am in jail for seven months. There is an onerous task on me. I (Chandra) am trying my best,” Kumar said, adding, “The Supreme Court has asked me to give Rs 750 crore for bail. I want to come out (of jail). Give me custody parole. Every buyer does not want to come to jail to meet me”. 

The amicus curaie reponded to this saying  that Unitech’s Chairman Ramesh Chandra was there to look after these things, Kumar said, “the amicus should be neutral. He should not be speaking for the homebuyers only. This is not fair to me.”During the hearing, the amicus also told the bench that the homebuyers, who want possession of flats, should remove their names from the list of investors who want refund of their money from Unitech.

Unitech counsel also said that construction of six housing projects of Unitech was going on and in December last year, they have completed 600 flats.

The bench posted the matter for next hearing on March 5.

Tagged: SC   Unitech  
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