At least two of the directors said that they resigned as things were not moving on the ground. Despite a push from the Supreme Court, things have not moved speedily at Unitech and Jaypee, while Amrapali, the largest among them, has made better progress.
Half the directors on the board of Unitech have resigned two years after the Supreme Court ordered its overhaul. There has been a lack of progress in the delivery of flats to over 10,000 homebuyers. Many of these homebuyers had booked these apartments more than a decade ago. On the board are currently former transport secretary YS Malik as the CMD, along with Embassy Group chairman Jitu Virwani, former CPWD director Prabhakar Singh and auditor Girish Ahuja.
Hiranandani group founder and MD Niranjan Hiranandani and former chairman and MD AK Mittal have resigned from their posts, joining HDFC MD Renu Sud Karnad and former MD B Sriram, who did the same a few months ago.
At least two of the directors said that they resigned as things were not moving on the ground. Despite a push from the Supreme Court, things have not moved speedily at Unitech and Jaypee, while Amrapali, the largest among them, has made better progress. The SC in August had asked the board of management of Unitech Group to upload on its website the timeline for completion of its stalled projects for the benefit of the hassled home buyers.
It also asked the board to upload within 48 hours the newly revised payment plan under which the home buyer is required to make payments and asked the flat buyers to give their suggestions or feedback, if any, to the board of management, which would facilitate the court in passing the orders in this regard.
The ED had recently filed a fresh charge sheet before a court here in connection with its money laundering probe against realty group Unitech, its ex-promoter brothers Sanjay Chandra and Ajay Chandra, and others.
The ED had made a startling claim in November last year that it had unearthed a “secret underground office” here which was being operated by erstwhile Unitech founder Ramesh Chandra and visited by his sons Sanjay and Ajay when on parole or bail. Both Sanjay and Ajay, in jail since August 2017, are accused of allegedly siphoning off home buyers’ money.
