Profit

Tribunal Allows Government To Take Control Of Unitech

The National Company Law Tribunal (NCLT) on Friday allowed the government to appoint 10 directors on the board of debt-ridden realty firm Unitech Ltd.

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Tribunal Allows Government To Take Control Of Unitech

The government had approached the NCLT to take over the Unitech management


Highlights

  1. Government had approached NCLT to take over the management of Unitech
  2. It alleged mismanagement and siphoning of funds by Unitech management
  3. The tribunal allowed government to appoint 10 directors

New Delhi: The National Company Law Tribunal (NCLT) on Friday allowed the government to appoint 10 directors on the board of debt ridden realty firm Unitech Ltd. The two-member NCLT bench headed by Chairman Justice M M Kumar has directed the government to submit the 10 names by December 20, the next date of hearing.

The government had approached the NCLT to take over the management of Unitech alleging mismanagement and siphoning of funds by the management. NCLT has also issued notice to Unitech Ltd directing it to file the reply.

"They have permitted the central government to appoint 10 nominee directors to run the day to day business and list of that would be given by 20th December," said Additional Solicitor General Sanjay Jain who had appeared on behalf of government in NCLT.

He further said: "In the meanwhile the suspended directors of the company shall not sell, mortgage or create charge either their properties or company's properties."



(Except for the headline, this story has not been edited by NDTV staff and is published from a syndicated feed.)


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