In a case involving Unitech developers, the Enforcement Directorate has conducted a search operation at about a dozen locations of Shivalik Group in Mumbai. The Enforcement Directorate team from Delhi searched these locations.
The Enforcement Directorate (ED) has conducted a search operation on about a dozen locations of Shivalik Group in Mumbai in connection with Unitech Developers. The Enforcement Directorate team from Delhi searched these locations.
What is the matter
It is worth noting that the promoters of Unitech have alleged that they have misappropriated crores of rupees from the buyers. Unitech promoter Sanjay Chandra has been in jail for nearly three years in this case and is now out on bail. The Ministry of Corporate Affairs has created the new board of Unitech and handed over the work of Unitech to it and its chairman Niranjan Hiranandani has been appointed.
Raised 14,270 crore from buyers
The report submitted by the forensic auditor about Unitech Limited states that between 2006 and 2014 there are about Rs 14,270 crore from 29,800 home buyers and about Rs 1,805 crore from six financial institutions. Of this amount, no more than Rs 5,800 crore was used.
Not only this, during the years 2007 to 2010, large investments have been made by the company in tax evasion countries. After this, the Supreme Court ordered a probe against the promoters of Unitech Limited by registering a case under the Prevention of Money Laundering Act.
Last month, the Supreme Court, while giving relief to Unitech in a case, ordered the Telangana State Industrial Infrastructure Corporation (TSIIC) to pay Rs 165 to Unitech. According to the agreement, TSIIC has paid Rs 350 crore to Unitech to develop an integrated township in Rangareddy district.
The central government has agreed to take over Unitech Limited, a company in debt. The government has informed the Supreme Court in this regard. The government has told the court that it is ready to reconsider its 2017 proposal to take over the management of Unitech Limited and complete the stalled projects of the company. The government’s move is expected to provide relief to thousands of Unitech distressed home buyers.
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