Unitech MD told to deposit `750cr
New Delhi, Oct. 30: The Supreme Court on Monday said that jailed Unitech Ltd managing director Sanjay Chandra will be granted bail only after the real estate group deposits `750 crore with its registry by December end.
A bench headed by Chief Justice Dipak Misra said Mr Chandra’s counsel can mention the matter related to bail before it once the money is deposited.
The top court directed the jail authorities to facilitate Chandra’s meeting with his company officials and lawyers so that he could arrange money for refunding the home buyers as well as for completing the ongoing housing projects.
“Having heard counsel for the parties at length, it is directed that the petitioners shall be admitted to bail subject to the condition that they shall deposit a sum of `750 crore in the registry of this court which shall be kept in an interest earning fixed deposit. The deposit shall be made by the end of December 2017,” the bench, also comprising Justices A.M. Khanwilkar and D.Y. Chandrachud, said. As far as the visits to the jail are concerned, “the jail authorities shall facilitate the meetings of the petitioners with their officers/officials/employees at such intervals as may be intimated by the petitioners,” it said.
The bench said the visit to jail shall be made within the normal visiting hours as per the jail rules and Chandra’s counsel can also go there to meet him. “The jail authorities shall also arrange a place where the petitioners will be in a position to negotiate,” it said, while asking them to “make the video conferencing facility available to the petitioners within the visiting hours so that they shall be in a position to negotiate”.
The bench, however, made it clear that Chandra was only entitled to negotiate in respect of unencumbered properties or assets of the group.
The apex court said if any proceedings were pending against Mr Chandra and the company, that may continue and the final order may be passed but no coercive steps would be taken for executing those orders.