Unitech's status suffered collateral damage due to 2G case: Sanjay Chandra

Unitech is now closer to its primary goal: Complete pending deliveries and refund homebuyers, said Sanjay Chandra

Unitech Managing Director Sanjay Chandra, who’s been in the news for all the wrong reasons, has spoken out after years. Chandra, who was taken into custody earlier this year along with brother, Ajay Chandra, for allegedly duping homebuyers in a Greater Noida project, responded to Karan Choudhury’s questions on a range of subjects following the recent verdict by the Central Bureau of Investigation special court acquitting all the 2G accused, including him. Excerpts:

Recently, the Supreme Court stayed the National Company Law Tribunal (NCLT) order that had allowed the government to take over Unitech. And now you have been acquitted in the 2G spectrum case. How do these developments change the fate of the company?

The recent verdicts, both in regard to the NCLT order and the 2G spectrum case, have greatly alleviated the company’s burden. As a result of these judgments, Unitech will be significantly closer to the achievement of its primary goal: The completion of pending deliveries and refunds towards homebuyers. The company as well as I suffered due to the accusations alleged in the 2G case. That affected the health and financial status of the company. 

Do you think the company can still salvage its reputation after so many upheavals? The question of non-delivery of flats to a large section of buyers still looms over Unitech. What happens now? Do you have a workable plan to complete the stalled projects?

The collateral damage imposed upon the company as a result of the ludicrous, facetious, and fraudulent allegations in this arbitrarily drawn out case has continued to dent the status of Unitech. However, assisted by these positive verdicts, I can assert with confidence, we have a solid plan of action in order to ensure the future of the company and expediting project constructions. Through collaboration with numerous lenders and asset reconstruction companies, I am optimistic that we will be able to raise the working capital necessary to accelerate construction across all projects. 

How much do you expect to recover from the Telangana government? Will the money be used to complete the stalled projects?

We do indeed hope to recover a substantial volume of funds owed to us by the Telangana government. In this respect, we are presently being heard in the Hyderabad High Court. In addition, we are pursuing similar actions towards the Andhra Pradesh government. The recovered amounts will be utilised in compliance with the orders of the Supreme Court, while simultaneously, to enhance working capital and accelerating construction. 

What is the company’s fundraising plan now? How much would you raise? Also, is there a possibility of an equity investor coming in?

The 2G case verdict in conjunction with the withdrawal of the NCLT order, without a doubt, warrants a sense of optimism for Unitech in terms of raising funds. Consequently, I am confident in our ability to solicit the requisite institutional support, which, in turn, will permit us to raise the necessary funds. 

What about the employee morale?

This judgment accomplishes a great deal for the morale within the company. To the employees and shareholders who remained vigilant through these testing times, these victories have served as significant boosts. I am sure that in the near future, we will be able to convert the momentum amassed from these verdicts on to our primary objective of delivering on our projects. 

What are the top three priorities for the management at this point in time?

My top three priorities are swiftly accelerating construction universally, generating the necessary capital from the sale of surplus land or assets, and recovery of funds due to us from various state governments.