Unitech

SC permits govt-appointed Unitech board to seek police aid for disturbances

The Supreme Court on Tuesday permitted the Centre-appointed board of directors of Unitech Ltd to seek police assistance to deal with "impediments" created by third parties on properties of the embattled realty firm. The top court had on January 20, 2020 come to the rescue of over 12,000 hassled homebuyers of Unitech Ltd by permitting the union ministry of corporate affairs to take "total management control" of the real estate firm and appointed retired Haryana cadre IAS officer Yudvir Singh Malik as chairman and managing director (CMD). On Tuesday, a bench comprising Chief Justice D Y Chandrachud and Justices JB Pardiwala and Manoj Misra took note of an interim plea of the government-appointed board that it has been facing third party disturbances in effectively dealing with the properties and other affairs of the real estate company. "It has been clarified that in the event of impediments created by any third party, the board (of directors) can seek police assistance," ordered the

Unitech Q1 results: Loss widens to Rs 1,206 cr, total income at Rs 84 cr

Realty firm Unitech Ltd on Thursday reported a consolidated net loss of Rs 1,206 crore in the first quarter of FY25. The company had posted a net loss of Rs 702.97 crore in the year-ago period. Total income declined to Rs 84.04 crore in the April-June quarter of this fiscal from Rs 91.09 crore in the corresponding period of the previous year, according to a regulatory filing. On January 20, 2020, the Supreme Court directed that the Board of Directors of Unitech Ltd, as existing on that date, be superseded with immediate effect in order to facilitate the taking over of management by the new board constituted in terms of the proposal submitted by the central government.

Sebi disposes of investigation against Unitech's former promoters

Market regulator Sebi on Friday disposed of its investigation against Unitech's erstwhile promoters Sanjay Chandra and Ajay Chandra in a case pertaining to the alleged routing of funds to the Indian securities market using overseas bank accounts as it found no evidence. Sebi had conducted a suo-moto investigation to ascertain whether there was any routing of funds to Indian securities market by the two Chandra brothers through the bank accounts with UBS AG, in violation of the provisions of PFUTP (Prohibition of Fraudulent and Unfair Trade Practices) rules. The period of investigation was from April 2006 to March 2008. In the investigation report, the regulator alleged United Corporate Parks PLC UCP) was connected to the noticees/Unitech. It also alleged that Ajay Chandra was a non-executive director in UCP, while Unitech had a 4.52 per cent stake in UCP through its subsidiary Nectrus Ltd -- a foreign subsidiary of Unitech whose account was held with UBS Singapore Branch. Thereaft

Delhi court grants bail to ex-Unitech promoters Sanjay, Ajay Chandra

A court here on Saturday granted bail to ex-promoters of realty major Unitech Sanjay Chandra and Ajay Chandra in a case related to allegedly swindling home buyers. The court noted they were in jail for about six years and further inquiry and trial would likely take considerable time owing to a large number of witnesses in the case. The Chandra brothers, however, will continue to remain in jail as they are accused in a money laundering case. Additional Sessions Judge Navjeet Budhiraja said the accused had "undergone a long period of incarceration" and "further inquiry and trial are likely to take considerable time owing to the humongous number of witnesses." Therefore, "the nature and enormity of the offence have to be balanced out with the aspect of the fundamental right of the offender to ensure a speedy trial," the judge said. The court said the duo was behind bars for more than six years and one of the charges against them under Section 420 of the Indian Penal Code (cheating an

The real estate rollercoaster

From grappling with rising inventory, the market now has swung to the opposite extreme, but reasons for the euphoria are unclear

SC stays HC order granting bail to Unitech promoter's wife Preeti Chandra

The Supreme Court on Friday imposed an interim stay on a Delhi High Court order granting bail to Preeti Chandra, the wife of Unitech promoter Sanjay Chandra, in a money laundering case. A vacation bench of Justices Hima Kohli and Rajesh Bindal issued notice to Preeti Chandra on Enforcement Directorate's plea challenging the Delhi HC order. "Till further orders, operation of the impugned order dated June 14, 2023 shall remain stayed. At this stage, counsel for the respondent states that the respondent may be granted liberty to apply for temporary bail on health grounds. "As and when such an application is moved, the same shall be considered in accordance with law," the bench said. At the outset, Additional Solictor General Sanjay Jain, appearing for ED, informed the court that the bail order was kept in abeyance on ground of challenge before the apex court. The high court had on June 14 granted bail to Chandra and said the order will not take effect till June 16, after the Enforcem

Rs 395-cr bank fraud: CBI files new case against Unitech, former directors

The CBI has filed a new case against Unitech Limited and its former directors in connection with an alleged fraud in the IDBI bank involving an amount of Rs 395 crore, officials said. Nearly six months after a complaint from the bank, the Central Bureau of Investigation (CBI) has booked the company and its former promoters and directors Ramesh Chandra, Ajay Chandra and Sanjay Chandra under the Indian Penal Code (IPC) sections dealing with criminal conspiracy and cheating and provisions of the Prevention of Corruption Act, the officials said. The accused Unitech founders are facing another CBI probe pertaining to an alleged fraud in the Canara Bank. The company was allegedly enjoying a vendor bill discounting (VBD) facility, a kind of credit, of Rs 400 crore from the IDBI bank in 2012, the officials said. "Due to slowdown in real estate sector and pile up of inventory, the company was facing liquidity mismatch, and the payment of VBD bills was delayed," the complaint, now a part of

'Unitech promoter brothers used homebuyers' money to bribe Tihar officials'

ED said its probe has found that homebuyers' funds amounting to Rs 244 crore were "illegally diverted" by Unitech promoters Ajay and Sanjay Chandra to CIG Realty Fund

Unitech case: ED attaches Rs 257-cr assets; total attachment at Rs 1,059 cr

A senior ED official said that the attached properties include residential, commercial units, land parcels, demand drafts, equity shares and bank account balance

SC asks statutory bodies to hold meeting with Unitech board on approvals

The Supreme Court on Thursday directed statutory authorities Town and Country Planning department, Noida, and Greater Noida to hold a meeting with the new board of management of Unitech

Money laundering case: ED files fresh chargesheet against Unitech promoters

The ED has filed a fresh chargesheet before a court in connection with its money laundering probe against realty group Unitech, its promoter brothers and others, said the federal agency.

SC allows Unitech founder Ramesh Chandra to move PMLA court to seek bail

ED tells SC it will file charge sheet next week in money laundering case against Unitech's ex-promoters Sanjay and Ajay Chandra

Money laundering case: Delhi court sends ex-Unitech promoters to ED custody

The arrest came after the Supreme Court earlier this month allowed ED's plea for a fresh custodial interrogation of the duo

ED arrests Unitech promoters Ajay, Sanjay Chandra in money laundering case

The arrests were made after the federal probe obtained the Supreme Court's permission

ED seeks custodial interrogation of Unitech's Chandra brothers

The Enforcement Directorate sought custodial interrogation of the former promoters of Unitech, Sanjay Chandra and Ajay Chandra, stating that it has 'bulky evidence' against them

SC allows new board of Unitech to appoint PMCs to complete stalled projects

The new board of Unitech has earlier told the court currently there are 74 (residential) and 10 (Commercial) under-construction projects

SC asks Unitech Group, Suraksha ARC to sit and resolve dispute over claims

Both parties will hold the discussions from Saturday onwards till the issue is resolved; the bench said and listed the matter for further hearing on October 27.

SC orders probe into collusion of Tihar officials with ex-Unitech promoters

SC orders full-fledged probe based on Delhi Police Commissioner Rakesh Asthana's sealed cover report on Tihar officials, Chandras' collusion

Unitech founder, daughter-in-law held by ED in money-laundering case

The ED's money laundering case is based on a number of Delhi Police Economic Offences Wing and CBI FIRs filed by homebuyers against the Unitech Group and its promoters

Enforcement Directorate attaches Rs 30-cr worth Noida plots of Unitech

The 29 land plots, worth a total Rs 30.29 crore, have been attached provisionally under the Prevention of Money Laundering Act (PMLA)