SC refuses bail to Unitech promoters Sanjay & Ajay Chandra

The Supreme Court Wednesday refused to grant bail to Unitech Ltd promoters Sanjay Chandra and his brother Ajay Chandra in a case relating to alleged siphoning off the home-buyers' money.

A bench of Justices D Y Chandrachud and Hemant Gupta said the Chandras have still not complied with its October 30, 2017 order which asked them to deposit Rs 750 crore with the apex court registry by December 31, 2017.

"At this stage, we note that on October 30, 2017, petitioner were subjected to bail provided they deposited Rs 750 crore in the apex court registry by December 31, 2017. The order was passed by a three-judge bench. It is an admitted fact that said order of October 30, 2017 is still to be complied with. Therefore prayer for bail is misconceived," the bench said.

The top court further said: "In the circumstances, we see no reason that a two-judge bench should modify the order of a three-judge bench particularly when the order of October 30, 2017 is not complied with."