 "SC directs real estate firm Unitech to pay back investors Rs 15 crore")
In an effort to rectify the wrongs committed by an erring private firm, the government has moved National Company Law Tribunal (NCLT) to take management control of realty major Unitech on grounds of mismanagement and diversion of funds.
Unitech spokesperson, however, denied receiving any intimation from the Ministry of Corporate Affairs. “We are yet to receive any such correspondence. We have not till now received any notice,” the spokesperson said.
Sources said that the Ministry of Corporate Affairs has not only sought suspension of Unitech’s existing board and its chief financial officer in a petition filed with the National Company
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