NCLT orders Govt to takeover 'Unitech'

New Delhi Dec 8: In a major development the NCLT had agreed to the central government's proposal to take over the Unitech company and the Tribunal has directed the Ministry of corporate affairs to appoint 10 nominee directors of the company and also barred Unitech's directors to act as board members.

The company has also been restrained from sell the firms and personal assets. Currently, the company had reported a loss of Rs 149.23 crore for the second quarter ended September. The company had also failed to deliver 19,000 flats to homebuyers as promised.

Earlier the Supreme court had refused to grant interim bail to its promoters in connection to the alleged fraud case.