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The counter has seen an over 10-fold jump in trading volumes. Till 02:46 PM; a combined 145 million representing 5.5% of total equity of Unitech have changed hands on the counter on the NSE and BSE. There were pending buy orders for 15.73 million shares on both the exchanges.
According to Business Standard report, the government has moved National Company Law Tribunal (NCLT) to take management control of realty major Unitech on grounds of mismanagement and diversion of funds.
Sources said that the Ministry of Corporate Affairs has not only sought suspension of Unitech’s existing board and its chief financial officer in a petition filed with the National Company Law Tribunal, but it also wants to replace the board with 10 of its own nominee directors, added report. CLICK HERE TO READ FULL REPORT