SC stay on Unitech frets staffers, relieves employers

The company has been fighting disgruntled home buyers and angry creditors

Last week, Saurabh Sharma (name changed), a civil engineer with beleaguered real estate developer Unitech, finally thought the woes of his colleagues and himself with their employer would end, with the National Company Law Tribunal (NCLT) allowing the government to take control of the company. 

The petition had been filed by the corporate affairs ministry, alleging mismanagement and diversion of funds. Staff at the debt-heavy entity hoped a new board of directors would save them.

On Wednesday, however, these hopes fell with the Supreme Court staying this December 8 order. “We were hopeful that a new board would start taking