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.
Not just for experts: How videography is poised for a disruption
Digital solutions are making sure it’s easier than ever to express your creativity in moving images.
Where was the last time you saw art? Chances are on a screen, either on your phone or your computer. Stunning photography and intricate doodles are a frequent occurrence in the social feeds of many. That’s the defining feature of art in the 21st century - it fits in your pocket, pretty much everyone’s pocket. It is no more dictated by just a few elite players - renowned artists, museum curators, art critics, art fair promoters and powerful gallery owners. The digital age is spawning creators who choose to be defined by their creativity more than their skills. The negligible incubation time of digital art has enabled experimentation at staggering levels. Just a few minutes of browsing on the online art community, DeviantArt, is enough to gauge the scope of what digital art can achieve.
Sure enough, in the 21st century, entire creative industries are getting democratised like never before. Take photography, for example. Digital photography enabled everyone to capture a memory, and then convert it into personalised artwork with a plethora of editing options. Apps like Instagram reduced the learning curve even further with its set of filters that could lend character to even unremarkable snaps. Prisma further helped to make photos look like paintings, shaving off several more steps in the editing process. Now, yet another industry is showing similar signs of disruption – videography.
Once burdened by unreliable film, bulky cameras and prohibitive production costs, videography is now accessible to anyone with a smartphone and a decent Internet bandwidth. A lay person casually using social media today has so many video types and platforms to choose from - looping Vine videos, staccato Musical.lys, GIFs, Instagram stories, YouTube channels and many more. Videos are indeed fast emerging as the next front of expression online, and so are the digital solutions to support video creation.
One such example is Vizmato, an app which enables anyone with a smartphone to create professional-looking videos minus the learning curve required to master heavy, desktop software. It makes it easy to shoot 720p or 1080p HD videos with a choice of more than 40 visual effects. This fuss- free app is essentially like three apps built into one - a camcorder with live effects, a feature-rich video editor and a video sharing platform.
With Vizmato, the creative process starts at the shooting stage itself as it enables live application of themes and effects. Choose from hip hop, noir, haunted, vintage and many more.
Or you can simply choose to unleash your creativity at the editing stage; the possibilities are endless. Vizmato simplifies the core editing process by making it easier to apply cuts and join and reverse clips so your video can flow exactly the way you envisioned. Once the video is edited, you can use a variety of interesting effects to give your video that extra edge.
You can even choose music and sound effects to go with your clip; there’s nothing like applause at the right moment, or a laugh track at the crack of the worst joke.
Or just annotated GIFs customised for each moment.
Vizmato is the latest offering from Global Delight, which builds cross-platform audio, video and photography applications. It is the Indian developer that created award-winning iPhone apps such as Camera Plus, Camera Plus Pro and the Boom series. Vizmato is an upgrade of its hugely popular app Game Your Video, one of the winners of the Macworld Best of Show 2012. The overhauled Vizmato, in essence, brings the Instagram functionality to videos. With instant themes, filters and effects at your disposal, you can feel like the director of a sci-fi film, horror movie or a romance drama, all within a single video clip. It even provides an in-built video-sharing platform, Popular, to which you can upload your creations and gain visibility and feedback.
So, whether you’re into making the most interesting Vines or shooting your take on Ed Sheeran’s ‘Shape of You’, experience for yourself how Vizmato has made video creation addictively simple. Android users can download the app here and iOS users will have their version in January.
This article was produced by the Scroll marketing team on behalf of Vizmato and not by the Scroll editorial team.