The company switched its focus from premium housing to affordable and mid-income projects to stay afloat
The Central Bureau of Investigation on Friday informed the Delhi high court that its appeal against the acquittal of former telecom minister A Raja and 16 others in the 2G spectrum allocation case was 'ripe for hearing'.
Telecom firms floated by DB Realty and Unitech have been identified by the CBI's prosecutor as having been given preferential treatment in the award of licences by former communications minister A Raja.
With the managing director out on bail & being questioned in relation to the 2G spectrum scam, the company is still not out of the mess.
IFCI, a state-run financial institution, today sold Rs 51.7 crore worth shares of Unitech, the nation's second-biggest property developer, as the promoters of the company failed to repay loans raised against pledged shares.
Delhi Police's Economic Offences Wing has arrested the Managing Director of Unitech and another person for allegedly not developing a project despite receiving funds from investors, police said.
Unitech Ltd, the country's second largest real estate firm, has decided to sell its 200-room budget hotel Courtyard by Marriott in Gurgaon ahead of its inauguration in January 2009.
Sanjay Chandra is also the chairman of mobile telephony operator Unitech Wireless, which is one of the companies that are said to have made a windfall in the allocation of 2G spectrum.
Realty major Unitech on Thursday said it expects revenues to grow 60 per cent in 2007-08 and will borrow between Rs 2,000-3,000 crore (Rs 20 billion- Rs 30 billion) in the current fiscal from domestic markets to fund its various projects.
With dwindling profits, stalled projects, a real estate slump and a promoter just out of jail, Unitech has its hands full.
The Supreme Court on Thursday directed that former Unitech promoters Sanjay Chandra and Ajay Chandra be shifted from Tihar Jail in Delhi to Mumbai's Arthur Road Jail and Taloja prison in Maharashtra after the ED said they were conducting business from the premises in connivance with the staff.
The board of Unitech Ltd, the country's second largest realty company, has approved a plan to raise Rs 5,000 crore through debt and equity issues and will convene an extraordinary general meeting on January 19, 2009 for shareholder approval. Sanjay Chandra, Unitech managing director, said today's proposal was a flexible enabling provision.
The Delhi high court will pronounce its verdict on Friday on whether to admit the Central Bureau of Investigation's (CBI) appeal challenging the acquittal of former telecom minister A Raja, firms and others in the 2G spectrum allocation 'scam' case.
The CBI has taken the voice samples of its sacked public prosecutor A K Singh and Managing Director of Unitech Sanjay Chandra for matching them with the audio tape purportedly carrying conversation between the two discussing ways to allegedly weaken the 2G case.
Samples will be examined for identification using advance technology.
Properties worth over Rs 150 crore of real estate firm Unitech Group have been attached in a money laundering case, the Enforcement Directorate (ED) said on Tuesday. The assets include a dozen of land pieces measuring a total of 48.56 acres in Gurgaon near Delhi.
Union Finance Minister Nirmala Sitharaman on Saturday announced a fresh Rs 15,000 crore 'SWAMIH Fund' for completion of 1 lakh units in stalled housing projects across various cities, a move aimed at providing relief to distressed homebuyers whose investments are stuck. In November 2019, the Centre announced a stress fund named 'Special Window for Affordable and Mid-Income Housing' (SWAMIH), to complete stalled housing projects across India.
The Supreme Court on Wednesday directed a full-fledged probe into the collusion of Tihar jail officials with Unitech's imprisoned ex-promoters Sanjay and Ajay Chandra, based on Delhi police commissioner Rakesh Asthana's report filed in a sealed cover.
60 per cent of home buyers are shying away from pre-launches.
The complaint was filed by Gurgaon resident Paramvir Singh Narang alleging that he had booked a flat in Unitech Cascades at Greater Noida in 2006, which was to be handed over by April 2008 but the company failed to abide by its agreement.
Earlier, Special Central Bureau of Investigation judge O P Saini had rejected Chandra's plea seeking permission to go to Mount Elizabeth Hospital at Singapore for the treatment of his minor son, who has been suffering from a kidney problem earlier and now been diagnosed with diabetes.
Creating a new image for the client concerned, while making him disappear from the public domain for some time, are among the strategies that often work.
Unitech alleged that the takeover of the management of the company by the Centre would make it difficult for them to deposit Rs 750 crore as directed by the apex court to safeguard the interests of homebuyers.
A bench headed by Justice H L Dattu turned down the plea of CBI which had approached the apex court for cancellation of bail after Chandra was allegedly caught on tape trying to influence A K Singh, the then public prosecutor in the case.
Admitting the Central Bureau of Investigation appeal, the high court said there are "some contradictions" in the trial court's judgment which require "deeper examination".
The Central Bureau of Investigation (CBI) began making submissions on Monday on its appeal before the Delhi high court challenging the acquittal of accused persons, including former telecom minister A Raja, and firms in the 2G spectrum allocation scam case in December 2017.
The CBI contended before the Delhi high court on Tuesday that there were glaring illegalities in the trial court judgment that acquitted former telecom minister A Raja and others in the 2G spectrum allocation scam case.
While DB Realty sent out an official statement early evening, Unitech did that much later.
In a dramatic turn of events in May 2019, an Emirates aircraft en-route to Dubai was asked to stop while it was taxiing for a take off in Mumbai. The pilot was given no reason and ordered to immediately return to the parking bay. As the aircraft returned to the terminal, two passengers from the first class - Naresh Goyal and his wife Anita - were offloaded by the immigration authorities, who said the duo cannot leave the country. Goyal, founder of Jet Airways, was stunned. The man, who ruled the aviation sector for two and a half decades with an iron hand, did not expect to be offloaded in this fashion.
A decline in the real estate sector, rising debt and the company's alleged involvement in 2G scam caused damage to the business and its image.
Balwa arrived at the CBI headquarters and was immediately taken before the special team constituted by CBI Director Ranjit Sinha to probe the matter.
The Supreme Court on Wednesday took exception to Union Law Minister Salman Khurshid's reported statement that putting businessmen behind bars will hamper investments in the country, saying if true it is "disturbing".
In contrast to their lavish lifestyle, all the five spent their night in a 90 square feet Tihar prison cell.
The five were not arrested during the probe into the case.
Here are some of the top executives and politicians who have been linked to the 2G spectrum scam in India.
The Central Bureau of Investigation on Wednesday summoned 2G scam accused Shahid Balwa for questioning with regards to audio recordings of purported conversation between its prosecutor A K Singh and another accused Unitech Managing Director Sanjay Chandra on the case
Against the backdrop of a CBI prosecutor in 2G case allegedly being caught on tape sharing legal strategy with an accused, members of a Parliamentary panel on Wednesday raised questions on the credibility of the investigation agency and its probe in the case.
CBI has removed a public prosecutor from the 2G spectrum case after he was allegedly caught in a taped conversation discussing prosecution strategy with one of the high-profile accused Sanjay Chandra, Managing Director of Unitech.
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