Unitech shares crash after SC stay order on govt takeover of realty major

Attorney General admits that the step should not have beentaken

The Supreme Court has stayed the National Company Law Tribunal’s (NCLT’s) order allowing the government to take charge of the management of stressed real estate firm Unitech. The decision, seen as positive to thousands of Unitech homebuyers and depositors, ironically triggered a crash of the company’s share, amid fears that any value left would be drained in the fund mobilisation process for refunds.
 
The stay order came in the wake of Attorney General K K Venugopal’s admission before the Bench that the government petition to the NCLT was a mistake. The Bench, headed by Chief Justice Dipak Misra and