SC directs Unitech to cooperate with forensic auditors

New Delhi [India]: The Supreme Court on Friday pulled up beleagured real estate major Unitech for not providing data to forensic auditors examining alleged financial irregularities.

The apex court said that data of even former employees must be given to the auditors within two weeks.
However, the Supreme Court allowed Unitech to sell the 24-acre land parcel in Hyderabad for Rs 24 crore and also released Rs 40 crore for the completion of pending projects.

On January 19, the Supreme Court had directed a forensic audit of Unitech and its subsidiary companies to probe alleged financial irregularities and diversion of home-buyers’ funds by its promoters and directors.

Unitech Group is involved in the construction of 74 housing projects and around 17,000 home-buyers have invested in its projects.

Due to the financial crisis, the Group has not been able to complete the projects, leaving buyers in the lurch.

Its managing director Sanjay Chandra and his brother Ajay Chandra have been in jail since April last year after being arrested by Delhi Police for not handing over possession of flats to buyers despite money being paid to the company.


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