SC asks Unitech to deposit Rs 750 cr by December end

The Supreme Court on Monday asked realty major Unitech Managing Director Sanjay Chandra to deposit Rs 750 crore by December end and directed the Tihar Jail authorities to provide him video conferencing facilities to interact with people outside to raise the amount.

The bench of Chief Justice Dipak Misra, Justice A.M. Khanwiljar and Justice D.Y. Chandrachud said that the jail authorities would permit Unitech officials and Sanjay Chandra's lawyers to visit him in the jail for facilitating the work relating to raising of this money and other office things.

The arrangement that has been extended to Sanjay Chandra is similar to one extended to Sahara chief Subrata Roy for negotiating the sale of his assets for raising money when he was in Tihar jail.

The top court asked Unitech to deposit Rs 750 crore as amicus curiae Pawanshree Agrawal told the court that the firm would require Rs 2,000 crore to refund the more than 5000 flat buyers who are now seeking refund of their money.

The top court also asked different forums to refrain from taking any coercive step against Chandra on any complaint that may be filed by the flat buyers.

Meanwhile, the court asked Agrawal to prepare the details of the people who have invested in Unitech's fixed deposit schemes and now want their money back.

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

They were sent in judicial custody after the trial court refused to extend the three- month interim bail granted to them in April.

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

--IANS

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