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Supreme Court Denies Bail To Unitech Directors

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Unitech is facing wrath of court in a case related to alleged siphoning of homebuyers' moneyThe Supreme Court on Wednesday rejected bail plea of jailed directors of real estate company Unitech, Sanjay Chandra and his brother Ajay Chandra.

The beleaguered realty firm is facing wrath of court in a case related to alleged siphoning of homebuyers' money.

A bench of Justices DY Chandrachud and Hemant Gupta said Sanjay Chandra did not deposit Rs 750 crore with Registry of Court as per its earlier order. The Supreme Court had in October 2017 ordered real estate developer to deposit Rs 750 crore with court's registry.Sanjay Chandra and Ajay Chandra - who have been in jail since August 9, 2017 - have sought bail on ground that they are complying with top court's order and have deposited over 400 crore. In September 2018, Supreme Court had directed company to construct 514 flats in its five projects out of funds generated from auctioning of its Kolkata property.The Delhi High Court had in August 2017 rejected plea in a criminal case lodged in 2015 by 158 homebuyers of Unitech projects Wild Flower Country and Anthea situated in Gurgaon, Haryana.




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