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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