NCLT adjourns corporate affairs ministry’s plea against Unitech
The National Company Law Tribunal (NCLT) on Wednesday adjourned Corporate Affairs Ministry’s plea to take over the board of real estate firm Unitech. The NCLT, on December 8, had suspended all the eight directors of the realty firm over allegations of mismanagement and siphoning of funds and had authorised the Centre to appoint its 10 nominees on the board. On December 13, the Supreme Court had stayed this order of NCLT.
Attorney general KK Venugopal appearing on behalf of the government had conceded that the Centre should not have approached NCLT when apex court was hearing the matter relating to Unitech’s failure to refund home buyers, informed a Unitech lawyer. The Supreme Court had expressed apprehension about the manner in which Centre moved the NCLT to take control of embattled real estate firm Unitech’s board without seeking its permission.