LIVE TV DownloadNews18 App
News18 English
»
1-min read

SC Orders Sale of Assets of Unitech Directors to Refund 'Hassled' Homebuyers

The apex court had asked all directors of Unitech Ltd and its subsidiaries to furnish details of their personal assets and warned them that if Rs 100 crore was not deposited by May 11, their assets would be auctioned.

PTI

Updated:August 22, 2018, 9:03 AM IST
facebookTwittergoogleskypewhatsapp
SC Orders Sale of Assets of Unitech Directors to Refund 'Hassled' Homebuyers
The Supreme Court of India. (News18 Creative)
Loading...
New Delhi: The Supreme Court on Tuesday directed a panel headed by former Delhi High Court judge Justice S N Dhingra to go ahead with sale of unencumbered assets of the directors of real estate major Unitech Ltd to refund money to hassled home buyers.

A bench headed by Chief Justice Dipak Misra asked the panel to proceed with the sale of the firm's properties in Kolkata.

The bench, also comprising Justices A M Khanwilkar and D Y Chandrachud, directed the committee to disburse Rs 25 crore to home buyers on pro rata basis and allowed lawyer Pawanshree Agarwal, who is assisting the court as an amicus curiae, to appoint two more persons to help him in the process.

"The committee may proceed with the sale/auction of unencumbered assets of the directors (of Unitech Ltd)," the bench said, and posted the matter for further hearing on September 11.

The court had on July 5 asked the Justice Dhingra panel to proceed with auction of Unitech Ltd's unencumbered properties at Agra and Varanasi in Uttar Pradesh and Sriperumbudur in Tamil Nadu to refund money to home buyers.

The top court had earlier set up the three-member panel for "expeditious" auction of over 600 acres of land of the real estate firm for refunding money to home buyers who do not want possession of their homes or flats.

The Income Tax department had also moved the apex court for making itself a party in the ongoing litigation claiming that the real estate firm owed it Rs 950 crore as tax.

Sanjay Chandra, the MD of the firm and his brother Ajay Chandra are in jail.

The apex court had asked all directors of Unitech Ltd and its subsidiaries to furnish details of their personal assets and warned them that if Rs 100 crore was not deposited by May 11, their assets would be auctioned.

Sanjay Chandra, the MD, is seeking interim bail from the apex court after the Delhi High Court on August 11 last year had rejected the plea in a criminal case lodged in 2015 by 158 home buyers of Unitech projects — 'Wild Flower Country' and 'Anthea Project' — situated at Gurgaon in Haryana.

Catch the biggest newsmakers and the biggest newsbreaks on CNN-News18, the only news destination. Keep watching CNN-News18 at just 50 paise per month. Contact your cable/DTH operator now!

*Rental/capacity fee of Rs. 130/- as charged by cable/DTH operator may apply. **GST extra.
| Edited by: Ahona Sengupta
Read full article
Loading...
Next Story
Next Story

Also Watch

facebookTwittergoogleskypewhatsapp
Most Active
Company Price Change %Gain
Reliance 1,237.70 4.50
Sun Pharma 398.30 1.93
Kotak Mahindra 1,267.60 2.21
Larsen 1,314.55 -0.25
HDFC Bank 2,148.15 0.84
Company Price Change %Gain
Reliance 1,234.50 4.36
ICICI Bank 371.25 -0.17
Sun Pharma 398.35 1.94
Kotak Mahindra 1,267.30 2.42
Yes Bank 192.10 -3.10
Top Gainers
Company Price Change %Gain
Reliance 1,237.70 4.50
Kotak Mahindra 1,267.60 2.21
Bajaj Finserv 6,384.55 2.15
Bajaj Finance 2,594.20 2.02
Sun Pharma 398.30 1.93
Company Price Change %Gain
Reliance 1,234.50 4.36
Kotak Mahindra 1,267.30 2.42
Sun Pharma 398.35 1.94
Bajaj Finance 2,588.90 1.89
Infosys 742.75 1.61
Top Losers
Company Price Change %Gain
Hero Motocorp 2,794.25 -3.61
Yes Bank 191.95 -3.35
Wipro 337.80 -2.41
Maruti Suzuki 7,208.40 -2.03
IOC 135.65 -1.60
Company Price Change %Gain
Hero Motocorp 2,794.50 -3.40
Yes Bank 192.10 -3.10
Maruti Suzuki 7,200.95 -2.07
Power Grid Corp 190.35 -1.50
Bajaj Auto 2,685.45 -1.14

Live TV

Loading...
Countdown To Elections Results
  • 01 d
  • 12 h
  • 38 m
  • 09 s
To Assembly Elections 2018 Results