Unitech down as bosses get jail and bail
Not surprisingly, Unitech is down with news that the top honchos of the company had been sent to 14 days judicial custody by additional chief metropolitan magistrate, in relation to a case filed by Noida residents – chartered accountant Sanjay Kalra and his business partner Devesh Wadhwa. The bosses spent an hour in jail and were released on bail, vaild till 14th January.
The complainants had filed a case against Unitech who had bought a plot at the company’s development Habitat Apartments in Greater Noida. They were not given the property due to delay in construction. A State Consumer Forum had ruled that the realty firm should pay Kalra and Wadhwa back along with 11% simple interest by October last year. When the company failed to follow the order, the complainants moved court against the top guys of Unitech.
The stock exchange has sought a clarification from the company on the same though there is no official word yet.
The stock price slipped down over 9% to Rs.6.04 while its 52-week low stands at Rs.5.40.