Sunil Mantri steps down as realtors' body chairman

His company Mantri Realty is facing heat over Rs 300 crore dues to lenders

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Sunil Mantri, chairman and managing director of Mumbai-based Mantri Realty, who is facing trouble over Rs 300 crore dues to lenders, is learnt to have stepped down as the chairman of National Real Estate Development Council (Naredco), governed by the Union ministry of housing and urban poverty alleviation.

Mantri’s resignation was accepted by the governing council of Naredco last month, executives of the Delhi-based organisation said. They added Mantri resigned in October — the same month he was appointed chairman, according to a PTI report — but the resignation was kept on hold. Naredco is expected to appoint a chairman in the next governing council meeting.

When contacted, Mantri said: “I resigned a few months ago and they (Naredco governing council) have accepted it.”

Formed in 1998 under the aegis of the ministry of housing and urban poverty alleviation, Naredco is the apex national organisation representing all stakeholders of real estate. Union urban development minister is its chief patron.

Mantri is facing the heat as his company, Mantri Realty, has defaulted on loan and interest payment for the past two years to private lenders and the latter has approached the Bombay High Court.

The Bombay High Court has appointed a official liquidator for all the company’s assets and the liquidator has taken possession of the company’s registered office in Mumbai, according to reports.

“I think it is a positive thing. In India, whatever happens, people do not resign. We kept the resignation on hold for two months and have not filled up the post yet.

There will be ups and down in the industry. Some people’s problems come to the front, other’s don’t,” said Rajan N Bandelkar, vice-president (west) at Naredco.

Bandelkar added: “He is trying to sort out his issues, but the market conditions are tough. Nobody knows how the market moves. We are trying to help him in whatever ways we can.”  Another senior governing council member said it was not fair to give Mantri the responsibility of running the organisation when he was facing a lot of problems.  “He needs to devote time to the business and bounce back,” said the member.