Business News

Company law tribunal allows Centre to appoint 10 interim directors to Unitech’s board

The National Company Law Tribunal also gave the real estate firm four weeks to respond to the government’s petition to take over its management.

The National Company Law Tribunal on Friday allowed the government to appoint 10 interim directors to Unitech’s board after it found that the real estate firm’s affairs were “not being carried out honestly”. The company’s directors were barred from carrying out their responsibilities over alleged mismanagement of funds, according to ANI.

The tribunal also gave Unitech four weeks to respond to a petition filed by the Ministry of Corporate Affairs to take over its management.

The ministry had moved the NCLT, asking it to suspend Unitech’s board of directors and chief financial officer for mismanagement and diversion of funds, Bloomberg reported. The Companies Act allows the Centre to seek a takeover of a company if it runs its affairs in ways contrary to the public interest.

Unitech is facing multiple cases filed by flat buyers who have alleged been duped by Managing Director Sanjay Chandra (pictured above). The Economic Offences Wing of the Delhi Police had arrested Chandra and his brother Ajay earlier this year for allegedly cheating buyers and siphoning off clients’ money to foreign accounts.

The realty firm also failed to complete housing projects in Greater Noida and Gurugram on time and the company’s management did not refund the money along with the interest, leaving thousands of buyers in the lurch.

The government’s petition said there were about 19,000 home buyers awaiting possession of flats or houses, and that the company had defaulted on payment of Rs 600 crore to 15,000 small depositors and Rs 880 crore in loans and debentures.

Support our journalism by paying for Scroll+ here. We welcome your comments at
Sponsored Content BY 

Some of the most significant innovations in automotive history made their debut in this iconic automobile

The latest version features India's first BS VI norms-compliant engine and a host of 'intelligent' features.

The S-Class, also known as Sonderklasse or special class, represents Mercedes Benz’ top-of-the-line sedan line up. Over the decades, this line of luxury vehicles has brought significant automotive technologies to the mainstream, with several firsts to its credit and has often been called the best car in the world. It’s in the S-Class that the first electronic ESP and ABS anti-lock braking system made their debut in the 20th century.

Twenty first-century driver assistance technologies which predict driver-behaviour and the vehicle’s course in order to take preventive safety measures are also now a staple of the S-Class. In the latest 2018 S-Class, the S 350 d, a 360-degree network of cameras, radars and other sensors communicate with each other for an ‘intelligent’ driving experience.

The new S-Class systems are built on Mercedes Benz’s cutting-edge radar-based driving assistance features, and also make use of map and navigation data to calculate driving behaviour. In cities and on other crowded roads, the Active Distance Assist DISTRONIC helps maintain the distance between car and the vehicle in front during speeds of up to 210 kmph. In the same speed range, Active Steering Assist helps the driver stay in the centre of the lane on stretches of straight road and on slight bends. Blind Spot Assist, meanwhile, makes up for human limitations by indicating vehicles present in the blind spot during a lane change. The new S-Class also communicates with other cars equipped with the Car-to-X communication system about dicey road conditions and low visibility due to fog, rain, accidents etc. en route.

The new S-Class can even automatically engage the emergency system when the driver is unable to raise an alarm. Active Emergency Stop Assist brings the car to a stop if it detects sustained periods of inactivity from the driver when Active Steering Assist is switched on. If the driver doesn’t respond to repeated visual and audible prompts, it automatically activates the emergency call system and unlocks the car to provide access to first responders.

The new Mercedes-Benz S 350 d in India features another notable innovation – the country’s first BS VI norms-compliant car engine, in accordance with government regulations to control vehicular pollution. Debuting two years before the BS VI deadline of 2020, the S 350 d engine also remains compatible with the current BS IV fuels.

The S 350 d is an intelligent car made in India, for Indian roads - in the Mercedes Benz S-Class tradition. See the video below to know what drives the S-Class series by Mercedes Benz.

To know more about the 2018 S-Class, click here.


This article was produced by the Scroll marketing team on behalf of Mercedes Benz and not by the Scroll editorial team.