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Ashok Kumar Yadav appointed as new CEO of Unitech Ltd

Yadav's term has been extended for a further period of two years, after the conclusion of his present term on February 11, 2022.

The ED has so far attached Unitech Group's properties worth Rs 650 crore out of which Rs 450 crore is recoverable.

The ED has so far attached Unitech Group's properties worth Rs 650 crore out of which Rs 450 crore is recoverable.

Real estate firm Unitech Ltd on October 27 appointed Ashok Kumar Yadav as chief executive officer (CEO) of the company.

This was decided by the Board of Directors, in its meeting held on October 27, 2021.

"Ashok Kumar Yadav, has been appointed as chief operating officer of the Unitech Group of Companies with immediate effect. Further, the tenure of Ashok Kumar Yadav, Chief Executive Officer, Unitech Group of Companies has also been extended for a further period of two years, after the conclusion of his present term on 11.02.2022, concurrent with the term of the present Board of Directors, constituted with the prior approval of the Supreme Court, whichever is earlier," the company said in a regulatory filing.

Yadav, aged 65, is a retired IAS officer of the Haryana cadre. He has also remained as managing director and director in many public sector undertakings and has vast knowledge and skill in the handling of non-profit organisations, real estate sector, business process improvement, public policy making and corporate sector, among others. He is an LL.M. from Punjab University, Chandigarh, said the regulatory filing.

The company has also extended the tenure of Kailash Chand Sharma as company secretary and compliance officer of the Unitech Group of Companies for a further period of one year w.e.f. 24.11.2021 till 23.11.2022, the regulatory filing said.

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Also Read: Unitech case: Supreme Court orders probe into collusion of Tihar jail officials with former promoters

Providing relief to over 15,000  homebuyers of Unitech, the top court had on January 20 last year, permitted the Centre to take total management control of the embattled firm and approved the name of retired Haryana cadre IAS officer Yudvir Singh Malik as chairman and managing director (CMD) of the new board and directed that the existing board of directors of the company would stand superseded.

Unitech promoters Sanjay Chandra and his brother Ajay Chandra are currently lodged in Tihar jail for allegedly siphoning off homebuyers' money.
Moneycontrol News
first published: Oct 27, 2021 08:12 pm

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