HDFC sells, invokes pledged shares of Unitech
HDFC has sold 1.29 crore shares of Unitech in the open market and invoked nearly 8.2 crore pledged shares of the crisis-hit realty firm. HDFC Ltd has sold 1,29,19,566 shares carrying voting rights worth 0.49 per cent stake, and invoked 8,19,88,820 pledged shares worth 3.13 per cent stake, according to a regulatory filing. Promoters hold 17.92 % stake in Unitech, of which 73 % is pledged, as per the shareholding pattern at the end of the second quarter of this fiscal. Unitech is facing huge protest from home buyers because of delay in completion of about 70 projects involving more than 16,000 flats. The Supreme Court had stayed the December 8 order of the NCLT allowing the Centre to take over the management of Unitech. The National Company Law Tribunal (NCLT) had suspended all the eight directors of the realty firm over allegations of mismanagement and siphoning of funds and authorised the Centre to appoint its 10 nominees on the board. The government had moved NCLT to protect the interests of about 20,000 home buyers. In a statement, Unitech said the apex court order will help the company in completion of the projects and also refunds to customers. "We will now work on getting the various accounts and receivables active again which were affected as consequence of the order dated December 8th. We strongly believe that the current management is better equipped to handle the completion of the 74 projects that are in various stages of construction," the statement had said.
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