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NCLT bars Unitech directors from acting as co-directors

ANI  |  New Delhi [India] 

The Tribunal (NCLT) on Friday barred directors of real estate major Unitech from acting as co-directors of the company over alleged mismanagement of funds.

The NCLT has also issued a notice to on Ministry of Corporate Affairs' plea, seeking a response in four weeks.

Meanwhile, the NCLT stated that the Ministry of Corporate Affairs can appoint 10 nominee directors to run in the interim period.

Earlier in October, the Supreme had ordered the real estate major to deposit an amount of Rs. 750 crore before the It also ordered that the registry of the amount be done by December end, to ensure refund to its home buyers.

Unitech owes Rs 723 crore to 51,000 holders, and the company and its subsidiaries are yet to deliver 19,000 flats to buyers.

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Fri, December 08 2017. 14:26 IST