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SC grants interim bail to Unitech promoter Sanjay Chandra after his parents test positive for coronavirus
Business

SC grants interim bail to Unitech promoter Sanjay Chandra after his parents test positive for coronavirus

Sanjay Chandra has been in jail for the last three years over charges related to financial fraud and siphoning off of investors' money.

JM Financial ARC says acquired Unitech's loan from a financial institution in 2016; no new debt taken over
Business

JM Financial ARC says acquired Unitech's loan from a financial institution in 2016; no new debt taken over

The funds were disbursed by JM Financial ARC over a period of time from the date of taking over their debts, it further said.

IL&FS probe: Ex-CEO of subsidiary helped leading rating agency official buy duplex villa worth crores at discount
Business

IL&FS probe: Ex-CEO of subsidiary helped leading rating agency official buy duplex villa worth crores at discount

The probe by the government's white-collar crime probe agency SFIO has already unearthed connivance of auditors and independent directors with the then top management of IFIN

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

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

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

Unitech's Q4 net loss widens to nearly Rs 1,000 cr despite two-fold jump in total income
Business

Unitech's Q4 net loss widens to nearly Rs 1,000 cr despite two-fold jump in total income

Debt-ridden Unitech is facing huge protest as well as litigations from home buyers because of significant delays in completion of their housing projects across the country

Delhi High Court issues notices to A Raja, Kanimozhi on Enforcement Directorate, CBI appeals in 2G scam case
India

Delhi High Court issues notices to A Raja, Kanimozhi on Enforcement Directorate, CBI appeals in 2G scam case

The Delhi High Court, on Wednesday, issued notice to former Telecom Minister A. Raja, DMK MP Kanimozhi and others in the 2G spectrum money laundering case.

Unitech, D B Realty rally up to 20% as Raja, Balwa and others acquitted in 2G spectrum case
Business

Unitech, D B Realty rally up to 20% as Raja, Balwa and others acquitted in 2G spectrum case

After the 2g spectrum case verdict, Unitech surged 19.91 percent, D B Realty 19.89 percent, RCom 13.49 percent and Sun TV Network 5.98 percent on BSE.

Hyderabad High Court to hear Unitech's petition seeking Rs 500 crore refund tomorrow
Business

Hyderabad High Court to hear Unitech's petition seeking Rs 500 crore refund tomorrow

The Hyderabad High Court is likely to hear on Monday a petition filed by debt-ridden realty firm Unitech Ltd, seeking refund from the Telangana State Industrial Infrastructure Corporation of about Rs 500 crore it deposited in 2008 for the development of 350 acres of land.

RERA should have come earlier to tame unscrupulous builders, says Narendra Modi in Ficci speech
Business

RERA should have come earlier to tame unscrupulous builders, says Narendra Modi in Ficci speech

As per RERA, builders cannot sell without registration, and projects for which completion certificate has not been issued cannot be considered as completed projects

Unitech shares fall over 16% as Supreme Court stays company law tribunal order
Business

Unitech shares fall over 16% as Supreme Court stays company law tribunal order

Unitech stock fell to a low of Rs 6.43 on the BSE, down 16.38 percent over its previous closing price

Unitech case: Supreme Court stays company law tribunal order asking govt to take over real estate firm
Business

Unitech case: Supreme Court stays company law tribunal order asking govt to take over real estate firm

The apex court, which had yesterday expressed unhappiness over the Centre's move to approach the NCLT, said the stay on the company law tribunal's order would meet the ends of the justice.

Govt takeover of Unitech: Company law tribunal should have taken our leave, says Supreme Court
Business

Govt takeover of Unitech: Company law tribunal should have taken our leave, says Supreme Court

Company law tribunal on 8 December, had suspended all the eight directors of the realty firm over allegations of mismanagement and siphoning of funds and had authorised the Centre to appoint its 10 nominees on the board.

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

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

SC to hear on Tuesday Unitech's plea challenging NCLT order that directed  govt to take over real estate company
Business

SC to hear on Tuesday Unitech's plea challenging NCLT order that directed govt to take over real estate company

NCLT has recently invoked provisions of Companies Act and allowed central government to take over Unitech management and appoint its own nominees

NCLT refuses to put in abeyance 10 Unitech directors' suspension order; permits govt to appoint nominees
Business

NCLT refuses to put in abeyance 10 Unitech directors' suspension order; permits govt to appoint nominees

Unitech approached the tribunal contending that the government had not informed the forum of Supreme Court bar on any coercive action against the company

Unitech approaches company law tribunal against govt's move to take over management
Business

Unitech approaches company law tribunal against govt's move to take over management

In a high drama at the National Company Law Tribunal (NCLT), Unitech first suffered a jolt when its 10 directors were suspended by the tribunal, which allowed government to appoint their replacements.

Unitech MD Sanjay Chandra seeks bail, SC asks for deposit of Rs 1000 cr to establish bonafides
Business

Unitech MD Sanjay Chandra seeks bail, SC asks for deposit of Rs 1000 cr to establish bonafides

The bench, however, said that properties can be put on auction to generate Rs 1,865 crore to refund the buyers

Unitech's Sanjay Chandra fails to get bail as SC equates tears of buyers with his liberty
Business

Unitech's Sanjay Chandra fails to get bail as SC equates tears of buyers with his liberty

At the fag end of hearing, Chandra's counsel urged the court that the promoter should be allowed to work from his office in custody, the bench said, "No".

Supreme Court orders Unitech to pay Rs 80,000 as litigation cost to each of 39 home buyers
Business

Supreme Court orders Unitech to pay Rs 80,000 as litigation cost to each of 39 home buyers

A bench of Chief Justice Dipak Misra, Justice A.M. Khanwilkar and Justice D.Y. Chandrachud directed the real estate major to pay Rs 80,000 each as litigation cost to 39 flat buyers in one of the developer's projects

Unitech's Sanjay Chandra arrested: Why it's a wake-up call for industry associations
Business

Unitech's Sanjay Chandra arrested: Why it's a wake-up call for industry associations

Severe action is justified only if the accused show signs of being non-cooperative or a tendency to evade ownership for their decisions that cause loss of property to customers or other stakeholders like partners