Unitech<\/a>\u2019s existing board of directors and its chief financial officer in a petition filed with the National Company Law Tribunal under the Companies Act, 2013. The government wants to\u00a0 replace the board with 10 of its own nominee directors in the interim.<\/p>\nThe government has also appealed to the tribunal to restrain the existing directors and CFO from selling, mortgaging, creating a charge or interest on their personal properties until an investigation into allegations of siphoning and diversion of funds by the company is complete, according to the petition.<\/p>\n
The tribunal is scheduled to hear the government\u2019s plea on Friday.<\/p>\n","protected":false},"excerpt":{"rendered":"
Embroiled in several cases from home buyers, which landed its managing director Sanjay Chandra in jail, realty major Unitech faces a take over by government, according to a Bloomberg report. The corporate affairs ministry has moved the National Company Law Tribunal to take management control of realty major Unitech on grounds of mismanagement and diversion […]<\/p>\n","protected":false},"author":4,"featured_media":33677,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_eb_attr":"","footnotes":"","jetpack_publicize_message":"","jetpack_is_tweetstorm":false,"jetpack_publicize_feature_enabled":true},"categories":[1497],"tags":[7035,18182,320,14739],"yst_prominent_words":[6604,33978,33972,16121,14735,3788,33975,33969,33973,33971,30731,3885,33976,33977,33974,33968,33967,33970,12528,14734],"ppma_author":[140543],"jetpack_publicize_connections":[],"jetpack_featured_media_url":"https:\/\/d2r2ijn7njrktv.cloudfront.net\/apnlive\/uploads\/2017\/12\/Unitech-new.jpg","jetpack_sharing_enabled":true,"authors":[{"term_id":140543,"user_id":4,"is_guest":0,"slug":"apnnewsdesk","display_name":"APN Live","avatar_url":"https:\/\/secure.gravatar.com\/avatar\/478eacb893eda88aa6ed8d99b005bf58?s=96&r=g"}],"_links":{"self":[{"href":"https:\/\/apnlive.com\/wp-json\/wp\/v2\/posts\/33675"}],"collection":[{"href":"https:\/\/apnlive.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/apnlive.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/apnlive.com\/wp-json\/wp\/v2\/users\/4"}],"replies":[{"embeddable":true,"href":"https:\/\/apnlive.com\/wp-json\/wp\/v2\/comments?post=33675"}],"version-history":[{"count":0,"href":"https:\/\/apnlive.com\/wp-json\/wp\/v2\/posts\/33675\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/apnlive.com\/wp-json\/wp\/v2\/media\/33677"}],"wp:attachment":[{"href":"https:\/\/apnlive.com\/wp-json\/wp\/v2\/media?parent=33675"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/apnlive.com\/wp-json\/wp\/v2\/categories?post=33675"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/apnlive.com\/wp-json\/wp\/v2\/tags?post=33675"},{"taxonomy":"yst_prominent_words","embeddable":true,"href":"https:\/\/apnlive.com\/wp-json\/wp\/v2\/yst_prominent_words?post=33675"},{"taxonomy":"author","embeddable":true,"href":"https:\/\/apnlive.com\/wp-json\/wp\/v2\/ppma_author?post=33675"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}