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Unitech's MD liberty costs 16,299 homebuyers' tears: SC denies bail
Last updated on Sep 22, 2017, 11:39 am
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After learning Unitech still hasn't handed over 16,299 flats for which it received Rs. 7,816cr, the SC has denied interim bail to MD Sanjay Chandra.
Rejecting the argument that incarceration breached the principle of jurisprudence, the court observed Chandra's liberty came at the cost of 16,299 homebuyers' tears.
Earlier, it had asked these thousands if they wanted the flats or refunds.
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In this articleUnitech attacked for not delivering Rs. 35 crore worth project Unitech MDs get jail (for the 4th time) SC sends for Unitech bosses, asks them to appear Unitech MD arrested over financial irregularities No stranger to arrest: Booked for duping buyers Unitech duped customers of Rs. 600cr with illegal FD scheme Unitech's MD liberty costs 16,299 homebuyers' tears: SC denies bail
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Do you know?
Unitech attacked for not delivering Rs. 35 crore worth project
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Several lawsuits have been filed against the Unitech chairman and MDs in different tribunals by almost "91 homebuyers of Gurgaon's Unitech Residences and Vistas project" with Rs. 35 crore worth capital involved.
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28 Mar 2017
Unitech MDs get jail (for the 4th time)
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Unitech Limited's chairman, 2 MDs, were handed a three-year jail term for non-compliance of orders by UT State Consumer Commission.
Unitech had been asked to provide compensation along with "refund of the money deposited in June 2016" by a buyer.
However, Unitech did not comply.
This is the 4th time in two months that the 3 years jail term has been awarded to them.
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29 Mar 2017
SC sends for Unitech bosses, asks them to appear
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The Supreme Court came down hard on chairman Ramesh Chandra, MDs Ajay and Sanjay Chandra and asked them to appear on 5 May.
The court said that a "proposed scheme of compromise between the company and some homebuyers in its projects" was needed.
Further, the court asked Unitech to present its final plan for the fulfillment of its pending projects.
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01 Apr 2017
Unitech MD arrested over financial irregularities
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Unitech Managing Director, Sanjay Chandra was arrested by the economic offenses wing (EOW) of the Delhi Police for financial irregularities.
Sanjay Chandra is accused of illegally divesting the capital of one project into a separate company.
He purportedly got the funds invested in the other company and siphoned off the funds into foreign accounts.
2 others were arrested along with Chandra.
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Previous arrest
No stranger to arrest: Booked for duping buyers
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The Delhi Police had previously filed an FIR against the Chandra brothers on the grievance of home buyers.
Chandra was involved in deceiving buyers who had bought flats in his Greater Noida residential scheme.
The buyers claimed that Unitech had not finished the project on time and also had not provided them with a mandatory refund with interest.
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14 Apr 2017
Unitech duped customers of Rs. 600cr with illegal FD scheme
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It has come to light that Unitech ran a fixed deposit scheme in 2012 without approval, promising 55,000 customers 12% returns, and raised Rs. 600cr.
Most lost their investments, which were channeled into the group's projects; some lost their life's savings.
Currently, Unitech MDs Ajay and Sanjay Chandra are facing 24 different cases, including fraud and non-payment of FD etc.
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22 Sep 2017
Unitech's MD liberty costs 16,299 homebuyers' tears: SC denies bail
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After learning Unitech still hasn't handed over 16,299 flats for which it received Rs. 7,816cr, the SC has denied interim bail to MD Sanjay Chandra.
Rejecting the argument that incarceration breached the principle of jurisprudence, the court observed Chandra's liberty came at the cost of 16,299 homebuyers' tears.
Earlier, it had asked these thousands if they wanted the flats or refunds.