Gautam Doshi, Surendra Pipara and Hari Nair, senior executives of the Reliance ADA Group who were granted bail on Wednesday by the Supreme Court in the 2G spectrum scam case, will provide major relief to their high-profile boss Anil Ambani.
The CBI on Wednesday called Loop Telecom, CEO Sandeep Basu, Chairman of Shyam group Rajiv Mehrotra, former telecom minister A Raja's brother A K Perumal and close aide Sadiq Batcha, for questioning in relation with the 2G spectrum scam.
With dwindling profits, stalled projects, a real estate slump and a promoter just out of jail, Unitech has its hands full.
All the corporate accused had challenged the special CBI court's order declining their bail pleas and directing their arrest on April 20.
Unitech founder and chairman Ramesh Chandra gets into office at 9.30 am every weekday and leaves at 4 pm sharp. That has been the work schedule for Chandra, 70, over several years, perhaps decades.
While DB Realty sent out an official statement early evening, Unitech did that much later.
Telenor suggested that he be replaced by another representative of the promoters.
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.
During their twice-a-week meetings (interview in jail parlance) with family and visitors, these executives are also permitted to get home-cooked food. That's about all as far as luxury goes.
For over a year Sanjay Chandra, managing director of the Unitech group, has been under a cloud for various reasons.
Justice Brijesh Sethi held that the 2018 amendment to the Prevention of Corruption Act relating to Section 13 (1)(d) would not come to the rescue of the acquitted accused in this appeal.
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 company switched its focus from premium housing to affordable and mid-income projects to stay afloat
A special court on Thursday acquitted all accused in the 2G spectrum allocation scam cases. The scam relates to the granting of 2G spectrum licence allocations in 2007-08 which caused, according to a report by the Comptroller and Auditor General of India, a loss of Rs 1.76 lakh crore. Here is a detailed timeline of how the case came to light and how it has progressed over the years:
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.
Promoter holding in Unitech, the nation's second-largest property developer, has dropped by 7 per cent since their September disclosure after lenders sold the shares pledged with them, according to analysts.
The high court's order came on a plea by acquitted individual and Kusegaon Fruits and Vegetables Pvt Ltd director Asif Balwa that the CBI has not placed on record the mandatory authority under the provisions of the CrPC.
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.
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.
60 per cent of home buyers are shying away from pre-launches.
The ED, in its chargesheet, had alleged that Rs 200 crore was paid by Swan Telecom (P) Ltd promoters to DMK-run Kalaignar TV.
The Delhi high court on Tuesday refused to grant early hearing on the Central Bureau of Investigation's appeal challenging the acquittal of former Union telecom minister A Raja and others in the 2G spectrum allocation scam case.
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.
Director of Unitech, Sanjay Chandra believes that with income levels and economy, both rising, the end-users or buyers are still there in the market and very actively still buying and does not expect any slowdown.
Real estate firm Unitech Ltd will invest Rs 1,800 crore (Rs 18 billion) in the next 4-5 years, to develop an exclusive residential project at Greater Noida.
The matter was mentioned before a bench of Delhi high court's acting chief justice Gita Mittal and kustice C Hari Shankar by Additional Solicitor General Tushar Mehta. The court allowed it to be listed for hearing on Wednesday.
A bench headed by Justice Madan B Lokur asked the Centre as to what action has been taken in the matter.
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.
A bench headed by Justice G S Singhvi granted two weeks time to Chandra to file his response on CBI's petition alleging that he had misused the relief given to him by approaching the then CBI prosecutor A K Singh and trying to 'materially interfere' with the prosecution in an 'attempt to influence' the conduct and outcome of the trial.
Former Telecom Minister A Raja had "misled" then Prime Minister Manmohan Singh regarding policy of first-come-first-served which was to be followed for allocation of 2G spectrum, Central Bureau of Investigation on Monday told a special court.
'In many parts of the country, the empty nest-and-empty-nest egg story is a painful boom-to-bust saga.' 'Among the old and young, it is hitting pockets hard, in a linked chain of debt-laden banks, corrupt politicians and builder mafias and disastrous government policies,' says Sunil Sethi.
'The transactions were done in a circuitous route deliberately and most of the companies involved in it are Reliance ADA group firms.'
Balwa, who is accused along with 16 others in the case, claimed that he cannot be prosecuted for pushing back Tata in the race as the firm was never in the race to get the 2G spectrum licence
The accused had also requested the court to take on record the written answers afresh.
The agency had earlier alleged that the company had sold its 9.1% stake to Delphi for Rs 10 crore --a rate much lower than the prevalent market price.
In the broader market, the S&P BSE Midcap and the S&P BSE Smallcap indices added 0.6% and 1.3%, respectively to touch their fresh lifetime highs.
The CMM was appointed as commissioner to record 84-year-old Ammal's testimony by a Special CBI Court, holding trial in the case, in the wake of the Supreme Court's direction.
The BSE Realty Index is on a downhill journey.
Dravida Munnetra Kazhagam MP Kanimozhi on Thursday sought the dismissal of a Central Bureau of Investigation plea seeking special court's permission to summon some additional witnesses, including Enforcement Directorate Deputy Director Rajeshwar Singh, in the 2G spectrum allocation case.
© 2026 Rediff.com - Investor Information - Advertise with us - Disclaimer - Privacy Policy - Sitemap - Feedback - About us - Terms of use - Grievances