No SC relief for Unitech MD Chandra

The Supreme Court on Friday refused to grant "custodial parole" to Unitech Managing Director Sanjay Chandra as he said he was finding it difficult to raise funds and comply with the court orders.

Chandra told a bench of Chief Justice Dipak Misra, Justice A.M. Khanwilkar and Justice D.Y. Chandrachud that he was not seeking bail but custodial parole. He said within a few days he would complete one year in jail, having been arrested on August 9, 2017.

The Bench ordered the disbursal of nearly Rs. 102 crore to home buyers seeking refund of their money on a pro rata basis.

Chandra and his brother Ajay were arrested in April last year after the investors, who did not get flats in the company's projects as promised, filed complaints of cheating against them.

They were then granted bail for three months to enable them to raise funds. Their plea for extension of the three-month bail was rejected by the trial court which sent them to judicial custody.

The Delhi High Court also refused to extend the interim bail that ended on August 10.

The apex court slated the matter for further hearing on August 21.

-- IANS

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