Lawstreet Journal

Unitech Case-SC Allows Sharing of Resolution Plan of Real Estate Firm Unitech

Lawstreet Journal 3 Aug 2020 10:47pm

Image courtesy: Lawstreet Journal Business Unitech Case-SC Allows Sharing of Resolution Plan of Real Estate Firm Unitech

On 31st July, Friday the Supreme Court directed the amicus curiae to share the resolution plan made by the new board constituted for Unitech ltd on its portal and invite suggestions from all the stakeholders within 10 days.

This matter is of the criminal case which was started when a complaint was lodged in 2015 and later joined by 173 other home buyers of Unitech projects. Sanjay Chandra, promoter of Unitech ltd was in jail since 2017 for siphoning of Homebuyers money. Recently on July 7th, he was released by the apex court on an interim bail of 30 days from his actual release date on ‘humanitarian grounds’ as both his mother and father were tested positive for COVID-19. 

A Forensic Audit was directed by the Top Court in 2018 of Unitech Ltd and its sister concerns and subsidiaries by Samir Paranjpe, partner, Forensic and Investigation Services in M/S Grant Thornton India. The report submitted by the forensic auditors said that Unitech ltd received around 14,270 crore rupees from 29,800 homebuyers between the year 2006-2014 and around 1,805 crore rupees from 6 financial institutions for the construction of 74 projects. Out of these Rs. 5,063 crore of home buyers and Rs 763 crore of financial institutions were not the utilized and high-value investments were made off-shore-tax-haven countries between 2007-2010.   

The top court on 20th January gave the permission to the Centre to take total management control of the realty firm and appoint a new board of nominee directors. The new board consisted… Continue Reading...


Tagged: Unitech  
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