Fri, Dec 08, 2017
In a rare move, the government approached the NCLT to take over the management with a view to protecting the interest of nearly 20,000 home buyers. The government's intervention in this case comes almost a decade after it had taken over the board of IT firm Satyam (now Tech Mahindra) and sold it to Mahindras'.
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Earlier in the day, Unitech was dragged to the tribunal by the government seeking to take over the functioning of the firm alleging mismanagement and siphoning of funds by the management.
The National Company Law Tribunal today allowed the government to appoint 10 directors on the board of debt ridden realty firm Unitech Ltd.
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