SC De­clines Unitech MD’s In­terim Bail Plea, Again

The Economic Times - - Companies: Pursuit Of Profit - Sa­man­waya.Rau­tray @times­group.com

New Delhi: The Supreme Court on Fri­day re­fused to yet again re­lease Unitech MD Sanjay Chan­dra on in­terim bail and ad­journed his plea for fur­ther hear­ing till later in the year. The court per­mit­ted am­i­cus cu­riae Pawan­shree Ag­gar­wal to open a por­tal where home-buy­ers claim­ing their dues or pos­ses­sion of flats from Unitech could reg­is­ter their claims. All the dues owed to home-buy­ers and also oth­ers seek­ing pos­ses­sion of their flats and plots would be col­lected and sub­mit­ted to the court be­fore the court takes a call on his bail. His lawyer Ab­hi­manyu Bhan­dari again sought bail from a three-judge bench led by Chief Jus­tice Di­pak Misra but was turned away. “Give me an op­por­tu­nity to save them. Any­one claim­ing any dues, I will give. 95% of peo­ple want their flats. I have some 55 projects. I will sub­mit a time line of six months within which I will hand over pos­ses­sion. Al­low me to come out and run the com­pany,” Bhan­dari said. He also of­fered to sub­mit the de­tails of all his projects and claimants say­ing there were fake claimants too.

The CJI did not, how­ever, budge from his stand that there should be first a re­al­is­tic as­sess­ment of the com­pany’s as­sets and li­a­bil­i­ties. Jus­tice Misra gave more time to the am­i­cus to com­plete the task of draw­ing up a list of projects and the home-buy­ers of Unitech.

At the last hear­ing too, the court had in­sisted that his bail plea would be taken af­ter such a pre­lim­i­nary as­sess­ment. The bench had hinted that it may then set Chan­dra free on in­terim bail so that he can make pe­ri­odic re­pay­ments of his dues as in the case of Sa­hara chief Subrata Roy.

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