A Delhi court today granted a three-month interim bail to Unitech Ltd promoters Ajay Chandra and Sanjay Chandra arrested in a fraud case relating to a Gurugram-based real estate project.
To avoid the recurrence of Unitech like cases, it is important for homebuyer association members to take the lead and act as a bridge to raise funds, in case the builder claims he is bankrupt.
Realty firm Unitech Ltd today said it has not committed fraud on any investor and the delay in delivery of project is due to reasons beyond its control and recession in the real estate sector.
Metropolitan Magistrate Ashu Garg allowed the plea of the Delhi Police after the probe agency submitted that a few offices and other premises of the accused persons were yet to be searched in the case.
Home buyers of Unitech’s housing projects in Noida and Gurugram had approached the National Consumer Disputes Redressal Commission after the builder had failed to give them possession of their flats as the per schedule.
A Delhi court has cancelled the non-bailable warrants (NBWs) against the two managing directors of real estate major Unitech Ltd, Ajay Chandra and Sanjay Chandra, in a case of alleged misappropriation of Rs 500 R
Unitech, its Chairman Ramesh Chandra, Managing Directors Ajay Chandra and Sanjay Chandra and four other Directors have been named as accused in the complaint.
The punitive measure was awarded after the real estate giant failed to give possessions of a residential unit in Mohali to two Delhi-based clients even after making the payment on time. Then, the commission sought explanation from the builder and asked them to settle dues of Rs 53 lakhs.
Unitech is in advanced stage of discussion with 2-3 private equity firms, including one from the Middle East, to raise funds, sources said. The company would use the amount raised to clear the dues of Life Insurance Corporation of India (LIC) and development of a new housing project in Noida, they added.
According to an analyst presentation, Unitech sold 1.14 million sq ft of area for Rs 832 crore in the April-December period of 2015-16.
Income from operations fell to Rs 408.74 crore in the third quarter of this fiscal as against Rs 706.81 crore in the corresponding period of the previous year, Unitech said in a regulatory filing
The relief came after they moved the District Judge against the order of the Additional Chief Metropolitan Magistrate Gaurav Rao who had refused them bail and ordered their judicial custody for 14 days.
The company's Chairman Ramesh Chandra, MDs Sanjay Chandra and Ajay Chandra and Group's Director Minoti Bahri were sent to judicial custody till January 25 by Additional Chief Metropolitan Magistrate Gaurav Rao in connection with the two complaints.
Net sales rose, however, to Rs 683.89 crore during July- September quarter of the current financial year from Rs 386.19 crore in the year-ago period.
Out of Rs 178 crore of sales bookings in the first quarter of current fiscal, the residential segment contributed Rs 130 crore. Unitech, which is facing issues over delays in execution of its real estate projects, delivered 1.14 million sq ft of area in April-June period of 2015-16 financial year, highest in last six quarters.
According to shareholding pattern uploaded on the BSE on Tuesday, Unitech's promoters have 32.61 percent stake in the company as on June 30, 2015 as against 45.54 percent stake as on March 30, 2015.
Unitech has increased the pace of construction works significantly during last two months to complete ongoing housing projects and improve cash flow, its Mananging Director Sanjay Chandra told agency.
Its net loss was Rs 51.55 crore in the year-ago period, Gurgaon-based developer said in a statement.
The Supreme Court sent a notice to Sanjay Chandra, managing director of Unitech Ltd as it agreed to hear CBI's plea to cancel his bail in the 2G spectrum allocation scam.
Audio tape linking Central Bureau of Investigation (CBI) prosecutor AK Singh to 2G scam accused Sanjay Chandra will now be part of the status report, a week after CNN-IBN's 2G collusion expose, sources have said. The status report is set to be presented to the Supreme Court on Monday.
A savage cut down almost 4%, the realty index bore the brunt of the Network18 expose which revealed collusion between the CBI's pubic prosecutor AK Singh and the MD of Unitech, Sanjay Chandra.
CBI has taken the voice samples of its sacked public prosecutor A K Singh and Managing Director of Unitech Sanjay Chandra for matching them with the audio tape purportedly carrying conversation between the two discussing ways to weaken the case.
Mumbai-based real estate firm DB Realty crashed as much as 20 percent intraday on Tuesday as Network18 reports that CBI sources said company's promoter Shahid Balwa was also likely to be questioned along with AK Singh and Sanjay Chandra in 2G case.
For the last three years, the 2G case has become synonymous with a corrupt system and has had many twists and turns. It has been a case which has involved some of the biggest names in politics, corporate India and the bureaucracy.
Unitech's Managing Director Sanjay Chandra tells CNBC-TV18 about the company's focus on expanding their business and ramping up deliveries.