Funds to be used for incomplete projects though SC stayed meetings with homebuyers
Funds to be used for incomplete projects though SC stayed meetings with homebuyers
InGovern tells stuck home buyers to vote against proposed scheme, says too loaded in favour of realty major
Justice Mukta Gupta grants the Unitech chairman Ramesh Chandra and managing directors Ajay Chandra and Sanjay Chandra relief from arrest
The company has already deposited Rs 15 crore with the court's registry following a similar order in August
Compensation for failure to deliver the possession of flats would be considered in the second week of January next year
The company sold 0.23 million sq ft area for Rs 178 crore in the corresponding period of the previous financial year
Company's market valuation rose by Rs 85.6 crore to Rs 1,678.60 crore
The court observed that there was a 'colossal failure' on the firm's part in completing its projects
The company said it was ready to pay rent for alternative accommodation of the aggrieved home buyers
These investors had bought flats in its Gurgaon project but not got possession on time
The company has failed to give home buyers possession of the flats as scheduled and the buyers have asked for refund
The stock hit 52-week high of Rs 8.30 on the NSE, surging 116% from its recent low of Rs 3.85 on June 8.
The apex consumer commission had also directed Unitech to hand over possession of the flats booked by Diwakar Mishra and others on or before October 31, 2017
In four trading sessions, the stock has gained nearly 33%
A complaint has been filed against the top bosses of Unitech by an investor for not giving him the possession of flat booked in 2006
NCDRC also directed the company to pay an interest of 18% per annum from 2008
Sales bookings in volume terms fell to 1.28 million sq ft last fiscal from 1.3 million sq ft in the previous year
Unitech's consolidated net loss widened to Rs 539.47 crore in fourth quarter ended March on account of lower income from operations
According to the complainant, the flat was booked in November 2006 and was supposed to be delivered in 36 months