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NCLT allows govt to appoint 10 directors on Unitech board

The National Company Law Tribunal (NCLT) on Friday allowed the federal government to appoint 10 directors on the board of debt-ridden realty company Unitech Ltd.  

The two-member NCLT bench headed by means of Chairman Justice M M Kumar has directed the federal government to put up the 10 names by means of December 20, the following date of listening to.

The govt had approached the NCLT to take over the stay an eye fixed on of Unitech alleging mismanagement and siphoning of worth vary by means of the stay an eye fixed on.

NCLT has additionally issued a perceive to Unitech Ltd directing it to record the answer.

“They have permitted the central government to appoint 10 nominee directors to run the day to day business and list of that would be given by 20th December,” mentioned Additional Solicitor General Sanjay Jain who had gave the impression on behalf of the govt in NCLT.

He additional mentioned: “In the meanwhile, the suspended directors of the company shall not sell, mortgage or create charge either their properties or company’s properties.”  

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