SC seeks details of assets of Unitech in India & abroad

SC seeks details of assets of Unitech in India & abroad
07/03/2018 , by , in News/Views

The Supreme Court on Monday directed real estate investment firm Unitech Ltd to file a detailed affidavit of their assets both in India and abroad.

The decision follows an order from the top court in December, staying the National Company Law Tribunal (NCLT) order which barred Unitech directors from acting as co-directors of the company over alleged mismanagement of funds.

Earlier, the NCLT had barred directors of the real estate major from acting as co-directors of the company and also issued a notice to Unitech Ltd on the Ministry of Corporate Affairs’ plea, seeking a response in four weeks.

Prior to that, the apex court had ordered Unitech to deposit an amount of Rs. 750 crore before the court. Furthermore, it also stated that the registry of the amount be done by December end, to ensure refund to its home buyers.

On a related note, Unitech owes Rs. 723 crore to 51,000 fixed deposit holders, and the company and its subsidiaries are yet to deliver 19,000 flats to buyers.

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