SC allows Centre to take over realty firm Unitech

New Delhi, January 20

In a respite to over 12,000 hassled homebuyers of Unitech Ltd, the Supreme Court today allowed the Centre to take total management control of the embattled realty firm and appoint a new Board of nominee directors.

The top court approved the name of retired Haryana cadre IAS officer Yudvir Singh Malik as chairman and managing director (CMD) of the new Board and directed that the existing Board of Directors of the company would stand superseded.

It also refused to appoint Unitech Group founder Ramesh Chandra as a member of the new Board saying it would not be appropriate at this stage.

A Bench of Justices DY Chandrachud and MR Shah asked the new Board to submit its report in two months on the resolution framework of the company.

It also approved the names of members of the Board which include AK Mittal, ex-CMD of National Buildings Construction Corporation (NBCC); Renu Sud Karnad, Chairman of HDFC Credila Finance Service Pvt Ltd; Jitu Virwani, CMD of Embassy Group; and Niranjan Hiranandani, Managing Director of Mumbai-based Hiranandani Group.

“The idea of a professional Board is to allow them to take control of the company and complete the pending projects in the interest of homebuyers,” the Bench said and indicated that the court would stop monitoring the Unitech matter once everything falls in place. The top court ordered that existing management Board of Unitech would stand superseded with the new Board of Directors taking charge. — PTI

Apex court verdict

• A Bench of Justices DY Chandrachud and MR Shah asked the new Board to submit its report in two months on the resolution framework of the company
• It also approved the names of members of the Board which include AK Mittal, ex-CMD of NBCC; Renu Sud Karnad, Chairman of HDFC Credila Finance Service Pvt Ltd; Jitu Virwani, CMD of Embassy Group; and Niranjan Hiranandani, MD of Hiranandani Group
• The top court ordered that existing management Board of Unitech would stand superseded with the new Board of Directors taking charge

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