Shares of Unitech tanked 9 percent intraday on Tuesday after a Delhi court has send Chairman and its two Managing Directors to 14-day judicial custody in alleged cheating cases filed by two investors. However, hours later the officials were succeeded in securing interim bail.
Additional Sessions Judge Vimal Kumar Yadav granted three days' interim bail to Unitech Ltd Chairman Ramesh Chandra, Managing Directors Sanjay Chandra and Ajay Chandra and Director Minoti Bahri after they gave an undertaking that they will honour the order of a State Consumer Forum and settle all the pending dues to the complainants.
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 district judge had marked the case to Additional Sessions Judge Vimal Kumar Yadav who at the fag end of the day granted them the relief.
The complainants - chartered accountant Sanjay Kalra and his business partner Devesh Wadhwa - also did not oppose the interim bail application after which the court enlarged all the four accused officials on a personal bond of Rs one lakh each and a surety of the like amount.
Earlier in the day, the top bosses of the company had appeared before a magisterial court in pursuance to the non-bailable warrants issued against them and had sought relief, saying that due to financial constraints and circumstances beyond their control, they were not able to make the payment to the complainant.
Immediately after their bail pleas were dismissed, the accused officials, through their counsel Vijay Aggarwal, approached the District Judge for relief.
The complainants had claimed to have booked a property in Habitat Apartments in Greater Noida developed by Unitech Ltd but were not given possession.
Despite the court's earlier order, Unitech has not refunded them the complete payment, they claimed in the complaint.
At 11:30 hrs Unitech was quoting at Rs 6.42, down Rs 0.22, or 3.31 percent on the BSE.
(With inputs from PTI)
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