SC accepts centre's proposal to take over Unitech's management

The Supreme Court on Monday accepted Centre's proposal recommending a seven-member board to take over the management of real estate company Unitech. For Unitech, the Centre has named retired Haryana cadre IAS officer Yudhvir Singh Malik, as chairman and managing director of the board and names of members including A.K. Mittal, ex-CMD of National Buildings Construction Corporation (NBCC), Renu Sud Karnad, Chairman of HDFC Credila Finance Service Pvt Ltd, Jitu Virwani, CMD of Embassy Group. In addition, Niranjan Hiranandani, MD, Hiranandani Group and National President, NAREDCO & ASSOCHAM, has also been recommended as director on the seven-member panle nominated for the property developer. Dr. Niranjan Hiranandani, MD, Hiranandani Group & National President, NAREDCO & ASSOCHAM shared, "As an industry patron, I look up to this important responsibility as a public service in a positive light to attempt and assure resolving the issues of numerous stranded home buyers. According to me, the key to success lies in hitting the ground running by quickly evaluating the viable projects which are positive net worth and submitting the resolution plan to the SC and start the ball rolling initially. A sabbatical of two months for staying all the on-going cases is a good move by the Supreme Court as this would help us in focusing on the real problem of the company rather than overseeing legal issues.” “There is a possibility of at least 50-60% of Unitech's projects ultimately being net worth positive, so I think there is a good opportunity to start these projects early. However, we may seek some help from the stress fund of the SBI in order to take care of the funding for the interim period. Further dove tails will depend on board meeting to decide the way forward.” he concluded. The newly approved board will file a report within two months on the resolution framework to sort out the housing mess of Unitech, which includes recommendations on the way forward on the stalled housing projects.