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Two Unitech directors resign, company assures completion of pending projects

Unitech is facing huge protest from home buyers because of delay in completion of about 70 projects. Earlier this week, the Supreme Court stayed NCLT order allowing the Centre to take over the management of Unitech.

twitter-logo PTI   New Delhi     Last Updated: December 16, 2017  | 20:10 IST
Two Unitech directors resign, company assures completion of pending projects

Beleaguered real estate firm Unitech today said two of its directors have resigned from the company.

"The company has received a letter dated December 7, 2017 from Minoti Bahri, a non-executive director of the company tendering her resignation from the office of Director of the company," Unitech said in a regulatory filing.

It said it has also received a letter dated December 9, 2017 from "Dilip Kumar Malhotra, an additional non-executive independent director tendering his resignation from the office of Director of the company".

Unitech is facing huge protest from home buyers because of delay in completion of about 70 projects involving more than 16,000 flats.

Earlier this week, the Supreme Court stayed the December 8 order of the NCLT allowing the Centre to take over the management of Unitech.

The National Company Law Tribunal (NCLT) had suspended all the eight directors of the realty firm over allegations of mismanagement and siphoning of funds and authorised the Centre to appoint its 10 nominees on the board. The government had moved NCLT to protect the interests of about 20,000 home buyers.

In a the Supreme Court order, Unitech said the apex court order will help the company in completion of the projects and also refunds to customers.

"We will now work on getting the various accounts and receivables active again which were affected as consequence of the order dated December 8th. We strongly believe that the current management is better equipped to handle the completion of the 74 projects that are in various stages of construction," it said.

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