Supreme Court refuses bail to Unitech promoters in a case relating to siphoning home buyers' money

New Delhi: The Supreme Court on Wednesday refused bail to Unitech promoters Sanjay Chandra and Ajay Chandra in a case relating to alleged siphoning off the home-buyers’ money. A bench of Justices D Y Chandrachud and Hemant Gupta said they have not complied with its 30 October, 2017 order which asked them to deposit Rs 750 crore with the apex court registry. Lodged in Tihar jail for over one and half years, the two have sought bail on the ground that they are complying with the apex court order and have deposited over Rs 400 crore. The apex court had on 30 October, 2017 ordered that the Unitech Limited Managing Director Sanjay Chandra will be granted bail only after the real estate group deposits Rs 750 crore with the registry. It directed the jail authorities to facilitate Chandra’s meeting with his company officials and lawyers so that he is able to arrange the money for refunding home buyers as well as for completing the ongoing housing projects. [caption id=“attachment_43959” align=“alignleft” width=“380”] File image of Unitech MD Sanjay Chandra. Reuters[/caption] It also said that the visit to the jail should be made within the normal visiting hours as per the rules and Chandra’s counsel can also go there to meet him. “The jail authorities shall also arrange a place where the petitioners will be in a position to negotiate,” it said, while asking them to “make the video conferencing facility available to the petitioners within the visiting hours so that they shall be in a position to negotiate”. The top court, however, had made it clear that Chandra was only entitled to negotiate in respect of unencumbered properties or assets of the group. It also said that if any proceedings were pending against Chandra and the company, that may continue and the final order may be passed but no coercive steps would be taken for executing those orders. The court was informed that the amount computed for a refund to the home buyers may go above Rs 2,000 crore, while there are some buyers who want possession of flats. Counsel appearing for Chandra, had told the court that if they were given liberty, they would monetise their assets and would be able to complete the ongoing housing projects so that the buyers, who intend to have possession of flats, are satisfied. The amicus curiae in the case informed the court that around 9,390 home buyers, out of a total of around 16,000, have responded to him on the issue of either seeking refund from the builder or getting possession of flats. He said around 4,700 buyers wanted a refund. The matter pertains to a criminal case lodged in 2015 by 158 home buyers of Unitech projects’ – ‘Wild Flower Country’ and ‘Anthea Project’ – situated in Gurugram.     To keep watching India’s No. 1 English Business News Channel – CNBC-TV18, call your Cable or DTH Operator and ask for the Colors Family Pack (inclusive of 24 channels), available for Rs. 35/- per month, or subscribe to the channel for Rs. 4/- per day. To keep watching the Leader in Global Market & Business News – CNBC-TV18 Prime HD, call your Cable or DTH Operator and ask for the Colors Family HD Pack (inclusive of 25 channels), available for Rs. 50/- per month, or subscribe to the channel for Rs. 1/- per day.