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Unitech case: 2 directors resign even as SC halts govt takeover of board

Unitech is facing huge protest from home buyers because of delay in completion of about 70 projects involving more than 16,000 flats

Press Trust of India  |  New Delhi 

Unitech
Unitech

Beleaguered real estate firm today said two of its directors have resigned from the company. "The company has received a letter dated December 7, 2017 from Minoti Bahri, a non-executive director of the company tendering her resignation from the office of Director of the company," said in a regulatory filing. It said it has also received a letter dated December 9, 2017 from "Dilip Kumar Malhotra, an additional non-executive independent director tendering his resignation from the office of Director of the company". is facing huge protest from home buyers because of delay in completion of about 70 projects involving more than 16,000 flats. Earlier this week, the stayed the December 8 order of the allowing the Centre to take over the management of The (NCLT) had suspended all the eight directors of the realty firm over allegations of mismanagement and siphoning of funds and authorised the Centre to appoint its 10 nominees on the board.

The government had moved to protect the interests of about 20,000 home buyers. In a the order, said the apex court order will help the company in completion of the projects and also refunds to customers. "We will now work on getting the various accounts and receivables active again which were affected as consequence of the order dated December 8th. "We strongly believe that the current management is better equipped to handle the completion of the 74 projects that are in various stages of construction," it said.

First Published: Sat, December 16 2017. 17:09 IST
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