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Union of India Versus Unitech Ltd.

2017 (12) TMI 665 - NATIONAL COMPANY LAW TRIBUNAL, NEW DELHI

Bail proceedings against Directors - Held that:- A perusal of the order dated 01.09.2017 shows that a sum of ₹ 15 crores had already been deposited and a further sum of ₹ 5 crores was required to be deposited by 6.9.2017. In the order dated 08.09.2017, it is recorded that ₹ 5 crores was also deposited and Mr. Pawan Shree Agarwal was appointed as amicus curiae for all the projects with certain directions. On 21.09.2017, the Amicus Curiae pointed out that a sum of ₹ 7816 cr .....

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further directions were issued. - After hearing learned Counsel for the parties, we direct that the order which has already been passed in the forenoon session by this Bench shall be subject to compliances of all directions including the one mentioned in the preceding paras. In pursuance to our direction if a new Board of Directors is constituted then it shall also be bound to obey the directions of Hon’ble the Supreme Court which are binding on all authorities in any case. - CP NO. 423 OF 2 .....

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hat there are 19,000 home buyers, who have made substantial payments to Respondent No. 1 company and no construction has commenced. It has further been urged that there are 51,000 depositors and respondent No. 1 company owe them approximately a sum of ₹ 723 crores. There appears to be a large number of other irregularities, which have been investigated in pursuance of order dated 06.10.2016 passed by this Tribunal while disposing of C.P. No. 124(ND)/2016 with C.A. No. 41(ND)/2016. We are p .....

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let notice be issued to the respondents returnable on 20lh December, 2017. Process dasti as well. 5. In view of the aforesaid facts, we are satisfied that for issuing interim directions, a prima facie case is made out under Section 242 (4) of the Companies Act, 2013 and in the larger public interest, we grant the following interim directions: (i) The current directors Respondent no. 2 to 9 are suspended and restrained from acting as directors of respondent no. 1 company; (ii) All the respondents .....

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started but due to non-co-operation, it has not been completed). (iv) Ad-interim applicant are permitted to appoint 10 nominee directors on the board of Directors of respondent no.l company which shall remain subject to the approval of this Tribunal. A complete list alongwith antecedents of the nominee directors supported by an affidavit of a responsible officer be filed enabling this Bench to examine about their antecedents, eligibility and qualification. A copy of this order be given today it .....

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