Unitech Group

Residents protest outside Unitech’s office in Gurugram

Residents protest outside Unitech’s office in Gurugram

September 17, 2019 in Unitech Group

GURUGRAM: Over 500 families of a residential society staged a protest outside the office of promoter company Unitech Ltd. on Saturday, alleging lack of basic amenities.
The residents, who have been living there for four years, said they were yet to occupancy certificate, power connection from Dakshin Haryana Bijli Vitran Nigam, and water and sewerage connections from Haryana Urban Development Authority (Huda).
The residents claimed that the promoter company has made alternative arrangements to provide these facilities, but charging higher fees.
Vikram Bishnoi, the Resident Welfare Association president, said, “As the project was delayed, many residents forced management of promoter company for possession. The company officials have promised us to provide all basic amenities. Later on, we learnt that they have not connected even sewer and water lines. As a result, things started getting worse. Besides, they have not taken power connection from DHBVN and hence the entire condominium is running on diesel generator sets.”
Ramesh Chandra, chairman of Unitech Ltd., said, “We are in a process of generating funds to the tune of Rs 10.5 crore to solve these problems. Efforts are on to contact with respective government bodies.”

Sources: realty.economictimes.indiatimes.com

 

Unitech reports Rs 791 crore loss in FY19

Unitech reports Rs 791 crore loss in FY19

July 20, 2019 in Unitech Group

NEW DELHI: Crisis-hit Unitech Ltd Friday reported a consolidate net loss of Rs 790.83 crore during the last fiscal. Gurugram-based developer had posted a net loss of Rs 1,263.86 crore in the previous fiscal, the company said in a regulatory filing.
Total income declined to Rs 1,371.04 crore during the last fiscal from Rs 1,961.32 crore in the 2017-18.
Finance cost increased to Rs 584 crore during the period under the review from Rs 319 crore a year ago.
In its footnote, the auditor said that because of the company huge losses and default in repayments to its lenders – these conditions indicate “the existence of material uncertainly that may cast significant doubt about the company’s ability to continue as a going concern”.
The going concern is “critically dependent upon the company’s ability to raise finance and generate cash flows in future to meet its obligation,” it said.
The auditor also said that Unitech has incurred losses and defaulted in repayment of principal and interests to its lenders. The lenders have classified the company’s borrowings as non-performing asset (NPA) and some of the lenders have called back loans.
The company has defaulted in repayment to debentures, public deposits, interest thereon, and statutory liabilities. Various litigation matters are pending before different forums and various projects of the company have stalled/slowed down, it added.
After being deferred several times, the company’s board meeting was finally held Friday to approve the financial result for the fourth quarter of the last fiscal and entire 2018-19.
Earlier, the board meeting was scheduled on May 30 but was adjourned several times to June 15, June 25, July 4, July 12 and finally on July 19, 2019.
Ahead of the board meeting, the company’s internal auditors S K P & Co. Chartered Accountants had resigned with effect from July 15, citing time constraints.

Sources: realty.economictimes.indiatimes.com

SC seeks centre’s proposal on ways to complete stalled Unitech projects

SC seeks centre’s proposal on ways to complete stalled Unitech projects

July 6, 2019 in Unitech Group

NEW DELHI: The Supreme Court Friday directed the Centre to come up with a proposal for construction of stalled projects of embattled real estate major Unitech Ltd within ten days, so that over 16,000 hassled homebuyers are not left in lurch. The top court said that the Centre should suggest the modalities and name of the third-party agency like the National Buildings Construction Corporation (NBCC) Ltd which could construct the pending projects of Unitech Ltd in a time bound manner.
The Unitech Ltd resisted the suggestion that the pending projects be handed over to a third party like the NBCC and said they were not able to deliver even in the case of Amrapali, another embattled real estate major.
A bench of justices D Y Chandrachud and M R Shah was told by Attorney General K K Venugopal that a third party could be involved in the construction of pending projects and a high-powered committee headed by a retired high court judge could oversee the construction.
Venugopal said that after consulting with the officials concerned, he can suggest the modalities which can be approved by the court accordingly.
Senior advocate Abhishek Manu Singhvi, appearing for Unitech, said that they have delivered over 17,000 flats out of 29,000.
“Despite all odds, in a total of 74 projects, we have completed over 70 per cent of the work and handed over 17,000 flats to homebuyers,” Singhvi said.
He said that handing over of the projects to a third party would not serve any purpose as the court had seen the work of the NBCC in the Amrapali matter.
Singhvi suggested a plan for completing the pending projects and said that the entire work will be completed in the next three years.
“The homebuyers who are before us invested their money some 10-12 years back and now you are proposing another three years for completing the projects. Question is for how long do these homebuyers wait,” the bench said.
It said that Unitech was saying that the NBCC should not be trusted but the fact is the real estate firm’s plan is such that it does not inspire any confidence and it is subject to availability of funds from a third party.
“We can’t keep the homebuyers who have approached us in lurch. The NBCC is accountable to the government and the government is accountable to its people. We want someone who can be held accountable. As the attorney general has said we will wait for the government to come up with some kind of proposal for completing the pending projects,” the bench said.
The court rejected the application of Unitech Ltd in which they sought court’s permission to continue with the construction of the pending projects.
The bench also granted two weeks’ time to the senior officials of the Unitech Ltd to cooperate with the forensic auditors and provide them with all necessary details.
It asked the forensic auditors to submit their reports in four weeks and posted the matter for further hearing on July 23.
On May 9, the apex court, irked over the non-cooperation of Unitech in the forensic audit, had withdrawn all the facilities given to its promoters, Sanjay Chandra and his brother Ajay Chandra who are lodged in Tihar jail for allegedly siphoning off homebuyers’ money.
The top court had said the Chandra brothers should be treated like ordinary prisoners as per the prison manual of Tihar jail here where they have been lodged since 2017.
In 2017, the apex court had directed the jail authorities to facilitate the Chandras’ meeting with their company officials and lawyers so that they are able to arrange the money for refunding homebuyers as well as for completing the ongoing housing projects.
The court had earlier sought assistance of the attorney general while warning that it could order a CBI probe.
The court had said it would also like to hear from the attorney general on whether the government can take over the management of Unitech Group and its subsidiaries to protect the interest of homebuyers.
The apex court had on January 23 refused to grant bail to the Chandra brothers. It said they had not complied with the October 30, 2017 order which asked them to deposit Rs 750 crore with the court registry by December 31, 2017.
The court had directed the trial court which is seized of the criminal case against the Unitech promoters to proceed expeditiously in the trial.
The Chandras sought bail on the ground that they were complying with the apex court order and had deposited around Rs 481 crore till now.
On December 7, 2018, the apex court has directed a forensic audit of Unitech Ltd and its sister concerns and subsidiaries by Samir Paranjpe, Partner, Forensic and Investigation Services in M/s Grant Thornton India.

Sources: realty.economictimes.indiatimes.com

Suraksha ARC and JM Financial invest Rs 2,000 crore in Unitech

Suraksha ARC and JM Financial invest Rs 2,000 crore in Unitech

June 25, 2019 in Unitech Group

MUMBAI: Real estate investment company Unitech group secured a Rs 2,000-crore investment from two asset reconstruction companies to complete pending projects and is scouting for more investors for additional funding as the date set by the Supreme Court to deposit money nears in July, said two persons close to the development. The company is also pursuing state governments to secure another Rs 1,000 crore in pending claims.
Unitech got investments from Suraksha ARC and JM Financial to the tune of Rs 2,000 crore. Of these, around 16 projects are under JM Financial’s portfolio while seven projects are under Suraksha’s portfolio. The investments made by both the ARCs are towards working capital of the pending projects.
“There are around 52 pending projects but around two thirds of the units in these projects are completed,” said a person close to the development. “In some cases there are balance customer receivables on the units sold but that would happen in the coming months,” he said.
“We will not comment on any development on the issue as the matter is sub-judice,” a Unitech spokesperson said.
The company is also scouting for more investors and is already in talks with a couple of players for additional investments in some of their projects.
The company has been under pressure after the SC in May asked the government to explore an option to take over the group and complete the pending projects.
About 17,000 buyers have invested in Unitech’s projects stuck due to working capital issues. Sanjay Chandra, managing director of Unitech is in jail after being arrested by the economic offences wing of the Delhi police in August 2017.
Several homebuyers who had paid part of the money but not received the delivery of apartments dragged the company to court over the issue. The court has made depositing money a condition for Chandra’s release.
The company is required to pay Rs 750 crore in the court registry and only then would Chandra qualify for bail. His company has already paid close to Rs 500 crore, said one of the sources. Asked when the company will be able to deposit the entire amount, he added that it could happen within the next couple of months.
The SC is set to hear the case on July 5.
The company has also dragged some state governments to court over pending claims in some of the projects, the person quoted earlier, said.
Price of Unitech International ended at Rs 6.35, up 5.83% from its previous close on Monday. Unitech was trading at Rs 0.98 with no change in the stock price.

Sources: realty.economictimes.indiatimes.com

Unitech gets Gurugram development body’s notice for misusing groundwater

Unitech gets Gurugram development body’s notice for misusing groundwater

June 20, 2019 in Unitech Group

GURGAON: GMDA issued a notice to developer Unitech Group on Tuesday for allegedly allowing the use of groundwater for construction activities in Nirvana Country. As per the notice, the developer has given groundwater connections to buildings that are currently under construction or without an occupation certificate, which is not permissible under the norms.
According to GMDA officials, they had received a complaint from a Nirvana resident stating that groundwater is being used for construction activities in the township. “We have asked the developer to cut all such connections and submit a report within seven days from the date of the notice,” a senior GMDA official said.
A copy of the notice, accessed by TOI, stated that in the wake of water shortage faced by the residents of Gurgaon, the developer is directed to disconnect all such connections in conformation with the National Building Code, 2016 and MCG Act, 1994. “We’ve also directed the developer to ensure that all such under-construction buildings under the purview of the Nirvana RWA use water from sewage treatment plants for construction purposes,” the official added. There are around 50 under-construction houses in Nirvana Country.

Sources: realty.economictimes.indiatimes.com

Unitech clients without home or refund write to ministry of corporate affairs

Unitech clients without home or refund write to ministry of corporate affairs

May 7, 2019 in Unitech Group

NEW DELHI: Homebuyers who have not received delivery of homes or refunds of their payments from the Unitech Group have written to the ministry of corporate affairs seeking the removal of promoter directors from the company’s board for violations of provisions of the Companies Act.
The homebuyers have already filed a motion in Supreme Court for replacement of the Unitech board with government nominees. The realtor has failed to hand over more than 14,000 flats to homebuyers after taking deposits of about Rs 6,700 crore, according to a report filed by an amicus curae in Supreme Court.
The letter reviewed by ET stated that fixed deposits that fell due in March 2015 had not been paid even after an extension of 12 months granted by the bankruptcy appellate tribunal.
The letter stated that this meant that Unitech founder and chairman Ramesh Chandra and managing directors Ajay and Sanjay Chandra had ceased to be directors under the Companies Act, although they continue to be reflected as directors on the website of the Registrar of Companies.
“All these defaulting directors are in jail and it is in the interest of the public that this point is taken note of by the Registrar of Companies and their names should be struck off from the list of directors” the homebuyers said in the letter.
They stated that the failure of Unitech to call an annual general meeting since 2017-18 is also against the Companies Act.
“A new management appointed by the Centre will be in a much better position to find a solution to the crisis, either by finding an investor or by selling under-construction projects or by appointment of NBCC in viable projects,” said a homebuyer who spoke to ET on condition of anonymity. The Unitech Group did not respond to emailed requests for comment.

Sources: realty.economictimes.indiatimes.com

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