Unitech moves Supreme Court against NCLT order on govt takeover
ET Online|
Dec 11, 2017, 11.41 AM IST
Realty firm Unitech has moved the Supreme Court against Centre's move to take over the company. The firm has challenged the National Company Law Tribunal's order to do so.
The NCLT suspended the Unitech board for alleged mismanagement of funds and barred its directors from selling either personal or company assets, while allowing the Centre to name 10 nominee directors and paving the way for a government takeover of the floundering property developer.
The NCLT has clarified that its interim order will be subject to compliance with Supreme Court directives. The next hearing is scheduled on December 20.
On a corporate affairs ministry plea for taking over the Unitech management in 'public interest', the principal bench of NCLT said that there is a prima facie case of mismanagement and restrained company directors from selling, transferring and mortgaging assets.
NCLT has asked the government to submit its list of fresh nominee directors by December 20.
The NCLT suspended the Unitech board for alleged mismanagement of funds and barred its directors from selling either personal or company assets, while allowing the Centre to name 10 nominee directors and paving the way for a government takeover of the floundering property developer.
The NCLT has clarified that its interim order will be subject to compliance with Supreme Court directives. The next hearing is scheduled on December 20.
On a corporate affairs ministry plea for taking over the Unitech management in 'public interest', the principal bench of NCLT said that there is a prima facie case of mismanagement and restrained company directors from selling, transferring and mortgaging assets.
NCLT has asked the government to submit its list of fresh nominee directors by December 20.
