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.
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.
The probe agency sought to intervene in a plea of Chandrashekhar, who is lodged in Tihar jail on charges of money laundering and duping several people, and his wife seeking their transfer to a prison outside Delhi alleging threat to their lives from jail staff.
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.
Unitech has already got a stay on the rights issue from the Gurgaon district court, while Telenor's appeal against this decision has been declined by the Punjab and Haryana high court.
Summons have been issued to some new telecom firms asking for financial records and documents, according to official sources. However, the names of the companies could not be ascertained.
All the corporate accused had challenged the special CBI court's order declining their bail pleas and directing their arrest on April 20.
For over a year Sanjay Chandra, managing director of the Unitech group, has been under a cloud for various reasons.
Nine companies were given new licences in January 2008.
Six infotech special economic zone projects of the Unitech Group, which owns the country's second-biggest real estate company, have been delayed by as much as three years owing to slowing demand and delays in government approvals, sources said.
The managing director of a US-based pension fund blamed the fall on the carnage in stock markets globally and the heavy pullout by investors. "Last year saw unprecedented pullouts by hedge funds as they faced huge redemption pressure. Lots of investors believed they had paid too much and sold off. Most of the funds were listed in 2006 when realty prices were high. But now, prices have come down in most parts of the world."
The world's leading funds and financial institutions have invested in Unitech Corporate Parks Plc, the company that the Unitech Group floated last week at the London Alternative Investment Market.
Approaches Morgan Stanley, GIC and Blackstone
Besides 15 loan transactions to the Siva group of companies, the former directors also used unique methods to ensure the group did not get into the default list.
Likely to seek FIPB approval to raise holding; deal could bring FDI of about $696 mn.
In commercial real estate, leasing of office space was higher although the activities were subdued in retail segment.
© 2026 Rediff.com - Investor Information - Advertise with us - Disclaimer - Privacy Policy - Sitemap - Feedback - About us - Terms of use - Grievances