Prabhakar Singh appointed as govt's new nominee director on Unitech's board

Crisis-hit Unitech Ltd on Monday said Prabhakar Singh has been appointed as government's nominee director on the company's board.

"Prabhakar Singh is appointed as nominee director of the central government on the board of directors of Unitech Ltd, with immediate effect," the company said in a regulatory filing.

Earlier, Singh was former director general of CPWD.

Yudvir Singh Malik, a Haryana-cadre IAS officer, has been appointed as the chairman and managing director of the company as per the court order. There are seven other members on the board.

Earlier, HDFC MD Renu Sud Karnad, Hiranandani group MD Niranjan Hiranandani, Embassy group CMD Jitu Virwani, NBCC's former CMD A K Mittal, B Sriram (former MD and CEO of IDBI Bank), and Girish Kumar Ahuja (independent director of SBI) have been appointed as government's nominee directors on the board.

The company's board has been superseded by the central government on the Supreme Court's direction.

Last month, the Supreme Court allowed the Centre to take total management control of the embattled realty firm and appoint a new board of nominee directors. The decision would bring respite to over 12,000 hassled homebuyers of Unitech.

The top court had directed that the existing board of directors of the company would stand superseded. It had refused to appoint Unitech Group founder Ramesh Chandra, as a member of the new board.

The new board has been asked to come out with a resolution framework within two months.

Chandra's sons, Ajay Chandra and Sanjay Chandra, are in jail after the company defaulted on giving possession of flats to its homebuyers on time. Both were serving as managing directors of the company before the board was superseded.