NCLT Takes Full Control of Internal Management of Unitech

Corporate World News

Business Mantra News

National Company Law Tribunal (NCLT) terminated the eight Board of Directors of Real Estate Company Unitech and allowed the Government to appoint it nominee directors.

The National Company Law Tribunal (NCLT) suspended these directors over allegations of mismanagement and siphoning of funds.

The move taken by the Government is objected to protect the interest of the investors. Earlier, the similar management takeover of Hyderabad based Infotech major Satyam had also been done.

The Realty firm Unitech Ltd. Said that any interference in its internal management would be detrimental to the firm.

The company said that as its two directors are already in Judicial Custody “they are striving hard to secure financing so that construction can continue to complete various projects.

“It would not be out of place to mention that the current management of the company has been with the company since its inception and is much better equipped in raising funds and any interference in the working of the current management would be detrimental to the cause of all stakeholders.” Unitech Added.

About the author