SC directs Unitech MD to produce bonafide for release from jail

The Supreme Court on Monday directed Unitech Managing Director Sanjay Chandra to produce a bonafide by depositing a substantial amount if he wishes to come out of jail.

The top court is hearing various project-related matters involving Unitech after several home buyers knocked at its door, seeking a direction to be given to the real estate major for getting timely possession and compensation for their flats.

On September 15, the top court had refused to grant interim bail to Chandra in the case relating to delaying of housing projects in Noida and Gurugram.

The three-judge bench, headed by Chief Justice of India (CJI) Dipak Misra, had also directed the real estate company to file a detailed list of home buyers who want possession of their flats in Unitech group projects and those seeking a refund of their money.

Chandra is accused of duping buyers who had booked flats in his real-estate project in Greater Noida. Additionally, he has also been accused of fraudulently taking money from his clients and parking it in a shell company, thereby laundering it abroad.

The next hearing will take place on October 30.