Business News
NCLT refuses to put in abeyance 10 Unitech directors’ suspension order; permits govt to appoint nominees
New Delhi: The National Company Law Tribunal on Friday declined to keep in abeyance its order to suspend 10 directors of Unitech Ltd and permit the government to appoint its nominees on the board of the troubled realty firm.
“This order, already passed shall be subject to compliance of all orders of Supreme court,” said the NCLT bench headed by Chairman Justice M M Kumar.The tribunal said that the new directors of the Unitech would comply with all the orders of the Supreme Court.
The tribunal also directed Unitech Managing Directors Sanjay Chandra and Ajay Chandra to file their replies.
Unitech approached the tribunal contending that the government had not informed the forum of Supreme Court bar on any coercive action against the company.
Earlier in the day, Unitech suffered a jolt when its 10 directors were suspended by the tribunal, which allowed the government to appoint their replacements.
