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Indian bankruptcy court grants government control of Unitech

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Indian bankruptcy court grants government control of Unitech

India's National Company Law Tribunal has allowed the government to appoint 10 nominee directors for troubled developer Unitech Ltd., Bloomberg reported.

The tribunal, which has issued notices restraining the company's existing directors from serving as board members, will examine the names of the nominee directors Dec. 20, according to the Dec. 8 report.

The news outlet noted that the move follows the arrest in April of Unitech Managing Director Sanjay Chandra and his brother and fellow Managing Director Ajay Chandra for failing to deliver a housing project on time in the city of Gurugram in Haryana, India.

The pair were granted bail in September after agreeing to deposit 50.0 million rupees with India's Supreme Court, but were then sent to a seven-day interrogation in police custody by a New Delhi court on the back of money embezzlement claims and other allegations.

Unitech failed to deliver 19,000 homes to buyers and defaulted on a payment of 6 billion rupees to over 15,000 small depositors, as well as on 8.8 billion rupees of loans and debentures, Bloomberg noted, citing the petition.

As of Dec. 7, US$1 was equivalent to 64.58 Indian rupees.