Unitech jumps 11% as company law tribunal allows govt to appoint 10 nominees

National Company Law Tribunal (NCLT) had, on 8 December, suspended all the eight directors of Unitech over allegations of mismanagement and siphoning of funds, while authorising the government to appoint its 10 nominees on the board

PTI December 11, 2017 18:28:02 IST
Unitech jumps 11% as company law tribunal allows govt to appoint 10 nominees

New Delhi: Shares of Unitech on Monday settled with gains of nearly 11 percent after the NCLT authorised the government to appoint its 10 nominees on the board of the
realty firm.

During the day, the stock had surged 19.34 percent to touch an intra-day high of Rs 8.70. At the end of on Monday's trading session, the stock was quoted at Rs 8.06, up 10.56 percent on the BSE.

Unitech jumps 11 as company law tribunal allows govt to appoint 10 nominees

BSE building. Reuters.

Similar movement was seen on the NSE as well where the stock opened at Rs 8.40, then touched an intra-day high of Rs 8.70 and finally ended the day at Rs 8, up 9.59 percent.

Monday's rally is the fourth consecutive one for the stock. On 8 December, the Unitech scrip had jumped 20 percent.

The National Company Law Tribunal (NCLT) had, on 8 December, suspended all the eight directors of Unitech over allegations of mismanagement and siphoning of funds, while authorising the government to appoint its 10 nominees on the board.

Meanwhile, the Supreme Court on Monday agreed to hear tomorrow the appeal of Unitech Limited challenging the recent order of the National Company Law Tribunal (NCLT) directing the central government to take over the management of the embattled real estate firm.

The NCLT invoked the provisions of the Companies Act and allowed the central government to take over the Unitech and appoint its nominee directors in the board of the firm.

Senior advocate Ranjit Kumar, appearing for the company said the entire firm has been taken over by the government and its appeal be heard on an urgent basis.

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