In a new development in real estate major Unitech and National Company Law Tribunal (NCLT) case, Supreme Court has stayed NCLT’s order allowing a government to take over Unitech’s board.
The company’s legal representatives told a court that NCLT could not pass such an order and asked for the stay on the tribunal order allowing the appointment of 10 directors on the company's board. The court observed that the government should have taken the leave (permission) of the court before taking over the company.
On November 08, 2017, NCLT had dismissed the board of Unitech after hearing the central government’s plea to take control of the company. NCLT had then concluded that the business of the company was not being carried out ethically and had many irregularities. It observed that it had taken money from 19,000 home buyers, while the construction on those projects had not even started. The next hearing is scheduled for January 12, 2018.
Unitech Ltd is currently trading at Rs 6.72, down by Rs 0.97 or 12.61% from its previous closing of Rs 7.69 on the BSE.
The scrip opened at Rs 7.62 and has touched a high and low of Rs 7.9 and Rs 6.43 respectively. The current market cap of the company is Rs 2011.93 crore.
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