Centre agrees to SC indication to take over Unitech board
Key Highlights
Centre has proposed Niranjan Hiranandani, Renu Karnad to part of the Unitech board
Centre, in its six-page note said that it is prepared to revisit its proposal of December 2017, to remove the existing management of Unitech and appoint ten nominee directors of the government
Homebuyers moved SC against the centre's plan to take over the realty firmNew Delhi: The Centre agreed to Supreme Court indication to take over Unitech board. It said that it is agreeable to revisit its 2017 proposal to take over the management control of embattled realty firm and complete its stalled projects.
The move is aimed at bringing relief to around 12,000 hassled home buyers. Centre has proposed JS Malik-led board to take over Unitech. It has sought some protections, clarifications and said that it won’t infuse any funds.
Centre has proposed Niranjan Hiranandani, Renu Karnad to part of the Unitech board. Note that the Centre, in its six-page note submitted to a bench headed by Justice D Y Chandrachud, said that it is prepared to revisit its proposal of December 2017, to remove the existing management of Unitech and appoint ten nominee directors of the government.
It is worth mentioning that homebuyers moved SC against the centre’s plan to take over the realty firm. According to ET Now report, 1,421 Unitech flats are to be ready for delivery in nine months and buyers fear that there will be more delays if the government takes over.
Homebuyers said Unitech delivered 5,000 flats in 2 years under the present system of SC supervision. They are now objecting to Centre’s proposal of raising more funds from them to finish projects. They are also objecting government’s proposal of not infusing funds to Unitech Buyers want the present system to continue and they allege that they will suffer more delays, hardships if Centre takes over.
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