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Unitech Promoters Denied Bail By SC Once Again

Unitech Promoters Denied Bail By SC Once Again

Unitech Promoters Denied Bail By SC Once Again
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While the over 16,000 buyers find any relief elusive, no respite is in sight for  Unitech promoters Sanjay Chandra and Ajay Chandra either, who are in Delhi’s Tihar Jail for over one and half years. Their moving speeches have had no impact on the Supreme Court (SC), which has been refusing them bail, hearing after hearing, since the promoters have not been able to arrange the bail money. On January 23, the top court rejected their petition.

In October 2017, the SC asked the Chandras to deposit Rs 750 crore with its registry by December that year; they have deposited only Rs 400 crore so far.

"At this stage, we note that on October 30, 2017, the petitioners were subjected to bail, provided they deposited Rs 750 crore in the apex court registry by December 31, 2017. The order was passed by a three-judge bench. It is an admitted fact that said order is still to be complied with. Therefore, (the) prayer for bail is misconceived ... In the circumstances, we see no reason that we should modify the earlier order,” the SC said.  

Earlier, the SC ordered a forensic audit of the company and its subsidiary companies over the alleged financial irregularities and diversion of homebuyers' funds. Of the 74 construction projects undertaken by the embattled realtor, as many as 61 are incomplete, affecting about 16,300 homebuyers. The forensic audit will be carried out in various phases. In Phase-1, the auditors will focus on the 74 housing projects and the entities of Unitech involved in this project.

In 2017, the apex court also told the company, which has a total debt of Rs 6,000 crore, to give a list of its unencumbered properties in India and abroad that would be auctioned to compensate buyers.

It had also directed the jail authorities to facilitate Chandras’ meeting with company officials so that they were able to arrange the money for refunding buyers as well as completing projects.

With inputs from Housing News

Last Updated: Thu Jan 24 2019

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