Left Menu
Development News Edition

Unitech board working on resolution plan to complete stalled realty projects: Hiranandani

PTI | New Delhi | Updated: 26-03-2020 18:24 IST | Created: 26-03-2020 18:24 IST
Unitech board working on resolution plan to complete stalled realty projects: Hiranandani

Crisis-hit Unitech's board, which has been superseded by the central government, is working on a resolution plan to complete stalled realty projects but the pace has slowed due to the coronavirus pandemic, its member Niranjan Hiranandani said on Thursday. "Board is working on resolution plan but now, with the pandemic crisis, things are moving slow. But, we are definitely working," Hiranandani said in a tweet while responding to a query.

Niranjan Hiranandani is managing director of Hiranandani group. He is also President of industry bodies Assocham and NAREDCO. Unitech's board has been superseded by the central government on the Supreme Court's direction.

Yudvir Singh Malik, a Haryana-cadre IAS officer, has been appointed as the chairman and managing director of the company. Apart from Malik, there are seven other members on the board.

Housing Development Finance Corporation Managing Director Renu Sud Karnad,  Embassy group Chairman and MD Jitu Virwani, NBCC Ltd former CMD A K Mittal, former IDBI Bank MD and CEO B Sriram, Girish Kumar Ahuja (independent director of State Bank of India) and Prabhakar Singh have been appointed as government's nominee director on the company's board. Prabhakar Singh was former director general of Central Public Works Department.

Earlier this year, the Supreme Court allowed the Centre to take total management control of the embattled realty firm and appoint a new board of nominee directors. The decision would bring respite to over 12,000 hassled homebuyers of Unitech. Ajay Chandra and Sanjay Chandra are in jail after the company defaulted on giving possession of flats to its homebuyers on time. Both were serving as managing directors of the company before the board was superseded.



‘Discounted Deaths’ and COVID 19: Anthropology of Death and Emotions

Death is a social event rather than the mere cessation of biological functions. As seen by anthropologists, death is not just physical but intensely social, cultural, and political....

Indigenous knowledge of communities a must for maximizing impact of community work

Generally, it has been observed that the majority of the academicians in higher education institutions neglect the wisdom of community people and throw their weight around thinking that they know everything and the community knows nothing. ...

In rebuking FBR, Pakistan’s courts take a stand for public health

The system, if implemented effectively, will allow Pakistans revenue service to combat the illicit trade in tobacco products and potentially add hundreds of millions of dollars to the states budget each year. ...

Dissecting how COVID-19 is catalyzing the trajectory of New World Order

The ensuing pandemic of COVID-19 has hit the globalization in two ways firstly, shrinking the importance of globalization as an economic force by curtailing mobility through worldwide lockdowns, and secondly, rejuvenating the idea of indig...


Latest News

FatPipe Networks Taps Reliance Communications Global Head of Sales to Lead India Sales Operations

SALT LAKE CITY and CHENNAI, India, May 28, 2020 PRNewswire -- FatPipe Networks, the inventor and multiple patents holder of SD-WAN technology announced today that Mr. Praveen Shinde has joined the FatPipe senior management team as Vice Pres...

Pandemic sends retailer PAS Group into voluntary administration

Australian clothing retailer PAS Group Ltd said on Friday it has entered voluntary administration to review its operations, citing tough financial market conditions as the effects of the coronavirus pandemic continue to unfold.This marks ye...

Violent protests over Floyd death spread beyond Minneapolis

Anger over the death of George Floyd, a handcuffed black man in police custody, spread beyond Minneapolis on Thursday, with looting and fires set along a major St. Paul street and protesters returning to a neighborhood already ravaged by vi...

‘Sonic the Hedgehog’ sequel is in development

A sequel to Sonic the Hedgehog live-action movie is in the works, Paramount Pictures and Sega Sammy have confirmed. According to Variety, the project is still in the early stages and no decisions have been made yet regarding casting or a pr...

Give Feedback