Unitech claims MDs committed no fraud, project delay due to recession
NEW DELHI: Realty developer Unitech on Monday said the managing directors of the company, Sanjay and Ajay Chandra, have committed no fraud with any investor and the delay in project delivery is due to reasons beyond the control of the company and recession.
“We will be availing appropriate remedy in accordance with the law. We have full faith in our judiciary and are confident that our stand will be vindicated," the company said.
The Unitech promoters were arrested late on Friday by the economic offences wing of the Delhi Police in a case related to delay in delivery of Gurugram housing project Anthea Floors.
On Saturday, they were produced before the Patiala House Court, which had sent them to police custody till Monday. The Delhi court on Monday extended their custody to April 6 on the Delhi Police’s request.
“During investigation, the company and its officials have fully co-operated with the authorities, and whenever asked, explained and provided all the supporting documents," Unitech said.
According to media reports, the accused have been booked under Section 406 of the Indian Penal Court for criminal breach of trust, Section 420 for cheating and Section 120B for criminal conspiracy.
“Since the matter is sub-judice, the company cannot comment further at this stage. But we wish to clarify that day-to-day operations of the company are fully functional. It is our endeavour to deliver apartments to our valuable customers as soon as possible," Unitech said.
“We will be availing appropriate remedy in accordance with the law. We have full faith in our judiciary and are confident that our stand will be vindicated," the company said.
The Unitech promoters were arrested late on Friday by the economic offences wing of the Delhi Police in a case related to delay in delivery of Gurugram housing project Anthea Floors.
On Saturday, they were produced before the Patiala House Court, which had sent them to police custody till Monday. The Delhi court on Monday extended their custody to April 6 on the Delhi Police’s request.
“During investigation, the company and its officials have fully co-operated with the authorities, and whenever asked, explained and provided all the supporting documents," Unitech said.
According to media reports, the accused have been booked under Section 406 of the Indian Penal Court for criminal breach of trust, Section 420 for cheating and Section 120B for criminal conspiracy.
“Since the matter is sub-judice, the company cannot comment further at this stage. But we wish to clarify that day-to-day operations of the company are fully functional. It is our endeavour to deliver apartments to our valuable customers as soon as possible," Unitech said.
