NCLT allows govt to appoint 10 directors on Unitech board
The National Company Law Tribunal today 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."
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.