Supreme Court Greenlights Police Assistance for Unitech Board to Tackle Third-Party Interference

The Supreme Court allowed Unitech Ltd's Centre-appointed board to seek police help against third-party interference, aiming to protect over 12,000 homebuyers. The decision follows challenges faced by the board in managing the company's properties. The board can now take commercial decisions, including raising funds and selling unsold inventory.

The Supreme Court has authorized the Centre-appointed board of directors for Unitech Ltd to call upon police forces to help with any third-party hurdles affecting the real estate firm's properties. The decision is a step towards safeguarding the interests of over 12,000 homebuyers who have been waiting for resolution.

A bench led by Chief Justice D Y Chandrachud acknowledged the challenges presented by third-party disturbances in managing Unitech's properties. Consequently, the court has empowered the board to employ police aid and reach out to government bodies for addressing other concerns. This interim solution allows the board to handle commercial decisions effectively.

Previously, the top court intervened by handing over management control to the Ministry of Corporate Affairs and halting any legal proceedings against the new board temporarily. Meanwhile, forensic audits have revealed financial irregularities, prompting further investigations into Unitech Ltd's previous management under the Prevention of Money Laundering Act.

(With inputs from agencies.)