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Supreme court granted bail to Sanjay Chandra, Unitech promoter

The Supreme Court granted bail to the embattled Unitech Ltd’s promoter Sanjay Chandra on Tuesday for a month as both his parents are hospitalized for Covid-19 infection as well. A bench that led by Justice DY Chandrachud allowed Chandra’s plea after he informed the court that both his senior citizen’s parents are Corona virus-positive as well as hospitalized and also he needs to be with them as well.

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Earlier, the top court had rejected their bail pleas, that saying that Sanjay did not deposit around Rs 750 crore with its registry as per its October 2017 order as well. The brothers had moved the SC against the Delhi High Court’s refusal to grant bail.
On 20th January, the SC had accepted the government’s proposal to take over the management control and also had superseded its existing board and also appointed a new board headed by Haryana cadre IAS officer Yudvir Singh Malik as its chairman and managing director.

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The new board had additionally pledged to complete the unfinished projects of the company so as to bring relief to around like 30,000 hassled home buyers. Audit firm Grant Thornton’s forensic report that on the Unitech group and also its subsidiary firms had also accused to the erstwhile board of siphoning off almost half of the homebuyers’ money as well.

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The Supreme Court court had last year in January ordered a forensic as audit to look into allegations that Unitech had been diverted funds. It had appointed accounting firm Grant Thornton to carry out the forensic audit of Unitech Ltd and also all its subsidiary companies since January 2006 as well.
In an interim report, the audit firm had told that Unitech Ltd received about Rs 14,270 crore from around 29,800 home buyers mostly between the 2006-2014 and around of Rs 1,805 crore from six financial institutions for the construction of around 74 projects.

The National Company Law Tribunal on 8th December 2017, had been accepted the Centre’s move to suspend the current directors and also restrain the promoters from alienating the assets of the company as well. However, the SC on 13th December 2017, had stayed the NCLT’s order, and later the Centre had to withdraw its plea from the tribunal.

 

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