The National Company Law Tribunal (NCLT) agreed on Friday to the government’s plea and issued notices to Unitech’s existing directors, who are now restrained from acting as board members. The two-member bench said the government can appoint 10 nominee directors, whose names it will examine on 20 December. The Supreme Court denied Chandra bail until the company deposited funds with it to protect the interests of such buyers, according to court documents. “We want to avoid insolvency of this company, otherwise the 19,000 home buyers will be left high and dry,” said additional solicitor general Sanjay Jain. Unitech lawyers approached the tribunal later in the day contesting the order.

Source: Mint December 08, 2017 06:49 UTC