NCLT order disturbing, should have taken our leave, says SC in Unitech case
Government approached the NCLT to take over the Unitech management in a move to protect the interests of nearly 20,000 home buyers, and 51,000 depositors to whom the company owes Rs 723 crore.
)
01:22 PM IST
Real estate builder Unitech faced selling pressure on Tuesday, as the Supreme Court adjourned the company's plea against government's intervention in suspending its directors and taking over.
The apex court was supposed to hear Unitech's plea today challenging the order of the National Company Law Tribunal (NCLT).
The SC reportedly said, "Company Law Tribunal, NCLT should have taken leave of apex court before allowing Centre to take over Unitech Ltd."
Company Law Tribunal, NCLT should have taken leave of apex court before allowing Centre to take over #Unitech Ltd: SC.
— Press Trust of India (@PTI_News) December 12, 2017
Centre seeks time in #SC on appeal of #Unitech challenging NCLT order allowing government to take over it.
— Press Trust of India (@PTI_News) December 12, 2017
The apex court further said, "Centre seeks time in SC on appeal of Unitech challenging NCLT order allowing government to take over it," adding that NCLT order on Unitech is disturbing, thus the matter will be heard on December 13, 2017.
At 1301 hours, Unitech was trading at Rs 7.88 per piece on the BSE, down by 2.23%.
Earlier on December 8, the NCLT suspended all the eight directors of Unitech over allegations of mismanagement and siphoning of funds, and further authorised the government to appoint its 10 nominees on the board.
Soon after the NCLT's order, the Unitech challenged the case and submitted a plea before the Supreme Court.
The government had approached the company law tribunal to take over the Unitech management in a move to protect the interest of nearly 20,000 home buyers, and 51,000 depositors to whom the company owes Rs 723 crore.
Such intervention of government took place almost a decade after it had taken over the board of IT firm Satyam (now Tech Mahindra) and sold it to Mahindras'.
NCLT has given government till December 20, time to provide with name of its nominees in Unitech and also suspended directors from selling their personal and company properties.
Get Latest Business News, Stock Market Updates and Videos; Check your tax outgo through Income Tax Calculator and save money through our Personal Finance coverage. Check Business Breaking News Live on Zee Business Twitter and Facebook. Subscribe on YouTube.
RECOMMENDED STORIES
)
)
)
)
)
Final chance! 30 days to over 1,000 home buyers who opted for refund from Unitech - What Supreme Court said
SC orders forensic audit of real estate firm Unitech Ltd
How home buyers got a boost in Unitech case
Unitech assets to be auctioned? Here is what beleaguered builder faces
SC to hear tomorrow appeal of Unitech against NCLT order
