SC grants interim bail to Unitech promoter Sanjay Chandra after his parents test positive for coronavirus – Business News , Firstpost

Sanjay Chandra has been in jail for the final three years over fees associated to monetary fraud and siphoning off of traders’ cash.

Supreme Court has granted one-month-lengthy interim bail to Unitech promoter Sanjay Chandra who has been in jail for the final three years over fees associated to monetary fraud and siphoning off of traders’ cash.

Sanjay was granted bail on humanitarian grounds after the courtroom was knowledgeable that each his aged parents have examined positive for coronavirus and have been critically sick. However, the apex courtroom refused to permit any such aid to Sanjay’s youthful brother Ajay, additionally in jail on comparable fees, Live Law reported. Both brothers had utilized for bail, informing the courtroom that their father, 78, was admitted in intensive care unit due to COVID-19 and associated well being issues, whereas their mom was additionally unwell.

Sanjay and Ajay have been each managing director of the now beleaguered realestate agency Unitech Ltd, based by their father Ramesh Chandra in 1971. The brothers have been jailed  after the corporate defaulted on giving possession of flats to its homebuyers on time, and after forensic audits of the corporate’s books final yr confirmed that greater than 50 % of the cash deposited by homebuyers and monetary establishments had been siphoned off, which resulted in a delay in completion of initiatives, NDTV reported.

The auditors had submitted their report which mentioned that Unitech Ltd acquired round Rs 14,270 crore from 29,800 homebuyers largely between 2006-2014 and round Rs 1,805 crore from six monetary establishments for the development of 74 initiatives.The audit revealed that round Rs 5,063 crore of homebuyers’ cash and round Rs 763 crore of fund acquired from monetary establishments weren’t utilised by the corporate and excessive worth investments have been made off-shore tax-haven nations between 2007-2010.

Earlier this yr, the Supreme Court allowed the Centre to take whole administration management of the embattled realty agency and appoint a brand new board of nominee administrators. The determination was made to profit over 12,000 hassled homebuyers of Unitech.

With inputs from PTI

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