GET Stock QuotesNews18 APP
News18 English
»
1-min read

Supreme Court Orders Auctioning of Unitech's Assets

A bench of Chief Justice Dipak Misra, Justice A.M. Khanwilkar and Justice D.Y. Chandrachud sai that a public notice be issued in prominent dailies for ascertaining that the properties were free from incumberances and may be auctioned.

IANS

Updated:April 9, 2018, 11:04 PM IST
facebookTwittergoogleskypewhatsapp
Supreme Court Orders Auctioning of Unitech's Assets
File image of Unitech properties. (Image: CNN-News18/TV Grab)
Loading...
New Delhi: The Supreme Court on Monday ordered that a public notice inviting objections to sale of assets of real estate major Unitech Ltd be issued for auctioning them, in order to pay back home buyers seeking refund of their money.

The public notice is aimed at ensuring that properties are unencumbered before the sale takes place.

A bench of Chief Justice Dipak Misra, Justice A.M. Khanwilkar and Justice D.Y. Chandrachud sai that a public notice be issued in prominent dailies for ascertaining that the properties were free from incumberances and may be auctioned.

In a related development, the court also imposed a cost of Rs 75 lakh on Om Shakti Agency (Madras) Pvt Ltd for its submission that it cannot deposit Rs 90 crore with the apex court registry in lieu of purchasing Unitech Ltd's property near Chennai.

Earlier, the company had said it was going to purchase the land of Unitech Ltd and deposit the money with the top court, and would disburse it to the home buyers who wanted their money back.

However, the company now said it cannot deposit the money as it does not have the required funds.

Senior counsel Ranjit Kumar, appearing for Unitech, told the court that a Bengaluru-based company has taken over one of the subsidiaries of Unitech and would be paying about Rs 100 crore, which will be deposited with the top court.

Earlier, the court had said that it will get auctioned the unencumbered properties of Unitech, including personal assets of Managing Director Sanjay Chandra, to realise the dues of the home buyers.
| Edited by: Bijaya Das
Read full article
Loading...
Next Story
Next Story

Also Watch

facebookTwittergoogleskypewhatsapp
Most Active
Company Price Change %Gain
Yes Bank 226.50 -92.70 -29.04
Dewan Housing 350.55 -260.00 -42.58
Reliance 1,217.50 +6.75 +0.56
Axis Bank 599.20 -9.60 -1.58
Tata Steel 625.15 +3.95 +0.64
Company Price Change %Gain
Dewan Housing 351.55 -259.05 -42.43
Yes Bank 227.05 -91.45 -28.71
Maruti Suzuki 8,039.55 -167.45 -2.04
Indiabulls Hsg 1,061.90 -94.60 -8.18
Oracle Fin Serv 4,031.30 -71.85 -1.75
Top Gainers
Company Price Change %Gain
Bharti Infratel 281.20 +10.30 +3.80
BPCL 376.50 +11.45 +3.14
IOC 158.15 +4.60 +3.00
HPCL 258.00 +6.65 +2.65
Hindalco 240.40 +4.75 +2.02
Company Price Change %Gain
ONGC 180.10 +3.45 +1.95
Wipro 337.35 +4.60 +1.38
ITC 303.75 +4.10 +1.37
TCS 2,103.80 +26.90 +1.30
Asian Paints 1,303.10 +13.75 +1.07
Top Losers
Company Price Change %Gain
Yes Bank 226.50 -92.70 -29.04
Indiabulls Hsg 1,062.15 -97.10 -8.38
Bajaj Finance 2,379.40 -120.15 -4.81
Tech Mahindra 738.05 -31.90 -4.14
UPL 665.80 -26.50 -3.83
Company Price Change %Gain
Yes Bank 227.05 -91.45 -28.71
Kotak Mahindra 1,179.65 -47.35 -3.86
Adani Ports 362.00 -10.95 -2.94
IndusInd Bank 1,761.70 -42.90 -2.38
Maruti Suzuki 8,039.55 -167.45 -2.04

Live TV

Loading...
Loading...