Govt proposes Unitech takeover, submits proposal in Supreme Court

The government will appoint 10 directors to Unitech's board, it is learnt. All positions will be filled by people from different spheres and with varying expertise

The Ministry of Corporate Affairs on Wednesday submitted a proposal in the Supreme Court for taking over the management of the troubled real estate company Unitech, in a move that could bring relief to homebuyers.

Two senior government officials confirmed the development, saying a note has been given through the Attorney General, based on the suggestions of the apex court. MCA has in its affidavit proposed names for the board of directors for what was once the largest real estate firm in the country.

The government will appoint 10 directors to Unitech’s board, it is learnt. All positions will be