Court stays NBWs against two MDs of Unitech Ltd

A Delhi court today suspended the operation of the non-bailable warrants (NBWs) issued against Unitech Ltd Managing Directors Sanjay Chandra and Ajay Chandra for allegedly misappropriating funds collected from investors and banking financial institutions.
The sessions judge stayed till further hearing, the order of a magisterial court issuing NBWs against them.
Advocate Vijay Aggarwal, who appeared for Sanjay Chandra and Ajay Chandra, said they had challenged the magisterial court's order before the sessions judge who today stayed the NBWs till further orders.
Additional Chief Metropolitan Magistrate (ACMM) Priya Mahendra had yesterday issued NBWs against Sanjay and Ajay Chandra after the investigating officer (IO) moved a plea seeking issuance of NBWs against them on the ground that they have not joined the probe despite receiving several notices.

"IO has moved an application seeking issuance of NBWs against accused Sanjay Chandra and Ajay Chandra, Managing Directors, M/s Unitech Ltd. It is stated in the application that M/s Unitech Ltd has committed criminal breach of trust and misappropriated funds collected from the investors and banking financial institutions, and its Managing Directors Sanjay Chandra and Ajay Chandra have not joined investigation despite receiving several notices.
"The raid was also conducted at their residence but to no avail. So NBWs may be issued against them. Heard. Considering the submissions made in the application, NBWs be issued against accused Sanjay Chandra and Ajay Chandra returnable on November 28," the ACMM has said in her order.

The court had earlier pulled up the police for conducting an "eyewash" probe in the case of alleged misappropriation of Rs 500 crore by real estate major Unitech Ltd.
The complainant alleged that the firm had collected the amount from investors in its housing project in Gurgaon and banks but not a single penny was used to fulfill the contractual obligation. The project was to be completed by 2014 and possession was to be handed over to the prospective buyers, it had added.