Supreme Court orders removal of Unitech board
The Telegraph A bench comprising Justices D. Y. Chandrachud and M.R. Shah dismissed the bail plea of Sanjay Chandra, MD of the group, and some others who have been in jail since August 2017 in connection with the alleged fraud. The Centre must file response by January 15. The Supreme Court has directed the Centre to forthwith take over the management of real estate giant Unitech by appointing independent directors after a forensic audit revealed that home buyers’ money worth over Rs 5,000 crore had been diverted to tax havens such as Cyprus, thereby affecting the completion of at least 74 projects and damaging the interests of 12,000 customers. A bench comprising Justices D. Y. Chandrachud and M.R. Shah dismissed the bail plea of Sanjay Chandra, managing director of the group, and some others who have been in jail since August 2017 in connection with the alleged fraud. “We would now expect the Union of India to act proactively in the matter and inform this Court o