January 16, 2020

Ministry Moves SC With Plan To Take Over, Manage Unitech

[ By Bobby Anthony ]


A proposal has been moved by the Ministry of Corporate Affairs (MCA) in the Supreme Court proposing to take over as well as manage the Unitech Group.

In December 2019, the Supreme Court had ordered an investigation against Unitech group over money laundering and diversion of funds meant for housing projects.

Incidentally, the personnel whose names have been proposed to take over the management of the Unitech Group have backgrounds in real estate and financial management. The board of directors proposed by the government would have a maximum of nine members.

It may be recalled that on December 18, 2020, the Supreme Court had issued a directive asking the government to take over its management in order to provide relief to the over 13,000 homebuyers who did not receive possession of flats in housing projects launched by the Unitech Group.

Earlier, homebuyers had filed a motion before the Supreme Court seeking removal of its promoter directors from the board of the Unitech Group.

According to the plan, the new management taking over the Unitech Group would work keeping public interest and the interest of home allottees in mind. It would also require immunity from liability for actions of the Unitech Group’s erstwhile management.

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