Supreme Court - Daily Orders
Bhupinder Singh vs Unitech Ltd. on 18 December, 2019
Bench: D.Y. Chandrachud, M.R. Shah
1
ITEM NO.301 COURT NO.8 SECTION XVII-A
S U P R E M E C O U R T O F I N D I A
RECORD OF PROCEEDINGS
Civil Appeal No(s).10856/2016
BHUPINDER SINGH Appellant(s)
VERSUS
UNITECH LTD. Respondent(s)
(IA No. 126833/2019 - APPROPRIATE ORDERS/DIRECTIONS
IA No. 179388/2019 - APPROPRIATE ORDERS/DIRECTIONS
IA No. 118418/2019 - APPROPRIATE ORDERS/DIRECTIONS
IA No. 131930/2019 - APPROPRIATE ORDERS/DIRECTIONS
IA No. 167501/2019 - APPROPRIATE ORDERS/DIRECTIONS
IA No. 163215/2019 - APPROPRIATE ORDERS/DIRECTIONS
IA No. 143332/2019 - CLARIFICATION/DIRECTION
IA No. 168590/2019 - CLARIFICATION/DIRECTION
IA No. 127532/2019 - CLARIFICATION/DIRECTION
IA No. 116589/2019 - INTERVENTION APPLICATION
IA No. 116576/2019 - INTERVENTION APPLICATION
IA No. 122309/2019 - INTERVENTION APPLICATION
IA No. 142769/2019 - INTERVENTION APPLICATION
IA No. 118517/2019 - INTERVENTION APPLICATION
IA No. 134346/2019 - INTERVENTION APPLICATION
IA No. 118412/2019 - INTERVENTION APPLICATION
IA No. 117566/2019 - INTERVENTION APPLICATION
IA No. 127529/2019 - INTERVENTION APPLICATION
IA No. 126831/2019 - INTERVENTION/IMPLEADMENT
IA No. 143330/2019 - INTERVENTION/IMPLEADMENT
IA No. 168586/2019 - INTERVENTION/IMPLEADMENT
IA No. 131928/2019 - INTERVENTION/IMPLEADMENT
IA No. 117154/2019 - INTERVENTION/IMPLEADMENT
IA No. 153933/2019 - INTERVENTION/IMPLEADMENT)
WITH
SLP(C) No. 9572/2007 (XI)
(IA No. 162939/2019 - APPROPRIATE ORDERS/DIRECTIONS
IA No. 35051/2019 - CLARIFICATION/DIRECTION
IA No. 12/2013 - EXEMPTION FROM FILING O.T.
IA No. 118081/2019 - INTERVENTION APPLICATION
IA No. 9/2011 - PERMISSION TO FILE ANNEXURES
IA No. 13/2016 - PERMISSION TO FILE ANNEXURES
Signature Not Verified
IA No. 11/2013 - PERMISSION TO FILE ANNEXURES
Digitally signed by
SANJAY KUMAR
Date: 2019.12.19
IA No. 10/2013 - PERMISSION TO FILE ANNEXURES)
17:00:38 IST
Reason:
C.A. No. 11108/2016 (XVII-A)
(IA No. 2/2016 - APP FOR PERMISSION TO FILE ADDITIONAL DOCUMENTS
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IA No. 168352/2018 - APPROPRIATE ORDERS/DIRECTIONS
IA No. 8196/2019 - APPROPRIATE ORDERS/DIRECTIONS
IA No. 148794/2018 - CLARIFICATION/DIRECTION
IA No. 106354/2018 - CLARIFICATION/DIRECTION
IA No. 86494/2018 - CLARIFICATION/DIRECTION
IA No. 86487/2018 - CLARIFICATION/DIRECTION
IA No. 148790/2018 - INTERVENTION APPLICATION
IA No. 106352/2018 - INTERVENTION APPLICATION
IA No. 86492/2018 - INTERVENTION APPLICATION
IA No. 6125/2019 - INTERVENTION/IMPLEADMENT)
C.A. No. 10851/2016 (XVII-A)
IA No. 33331/2019 - APPLICATION FOR PERMISSION
IA No. 29665/2019 - CLARIFICATION/DIRECTION
IA No. 138022/2018 - CLARIFICATION/DIRECTION
IA No. 74496/2019 - CLARIFICATION/DIRECTION
IA No. 23396/2018 - CLARIFICATION/DIRECTION
IA No. 69785/2018 - EXEMPTION FROM FILING O.T.
IA No. 89520/2018 - I.A. FOR DIRECTION
IA No. 29804/2019 - INTERVENTION APPLICATION
IA No. 86677/2018 - INTERVENTION APPLICATION
IA No. 66018/2018 - INTERVENTION APPLICATION
IA No. 138019/2018 - INTERVENTION APPLICATION
IA No. 51916/2019 - INTERVENTION APPLICATION
IA No. 49108/2018 - INTERVENTION APPLICATION
IA No. 129613/2018 - INTERVENTION APPLICATION
IA No. 117001/2018 - INTERVENTION APPLICATION
IA No. 23393/2018 - INTERVENTION/IMPLEADMENT
IA No. 145062/2018 - INTERVENTION/IMPLEADMENT
IA No. 69781/2018 - INTERVENTION/IMPLEADMENT
IA No. 74495/2019 - INTERVENTION/IMPLEADMENT
IA No. 49501/2018 - INTERVENTION/IMPLEADMENT
IA No. 136620/2018 - INTERVENTION/IMPLEADMENT
IA No. 33334/2019 - INTERVENTION/IMPLEADMENT
IA No. 2/2016 - PERMISSION TO FILE ANNEXURES)
C.A. No. 2511-2526/2017 (XVII-A)
S.L.P.(C)...CC No. 5129-5130/2017 (XIV)
(WITH IA No. 1/2017 - PERMISSION TO FILE SLP)
C.A. No. 5174-5181/2017 (XVII-A)
(IA No. 106008/2019 - APPROPRIATE ORDERS/DIRECTIONS
IA No. 53934/2017 - CLARIFICATION/DIRECTION)
C.A. No. 5674/2017 (XVII-A)
C.A. No. 9391-9404/2017 (XVII-A)
(IA No. 60512/2017 - APPROPRIATE ORDERS/DIRECTIONS
IA No. 98431/2017 - INTERVENTION/IMPLEADMENT)
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C.A. No. 15493/2017 (XVII-A)
(IA No. 169933/2019 - APPLICATION FOR TRANSPOSITION
IA No. 169922/2019 - CLARIFICATION/DIRECTION)
SLP(Crl) No. 5978-5979/2017 (II-C)
(IA No. 73474/2017 - APPLICATION FOR EXEMPTION FROM FILING
CERTIFIED AS WELL AS ORDINARY PLAIN COPY OF THE IMPUGNED ORDER
IA No. 102131/2019 - APPROPRIATE ORDERS/DIRECTIONS
IA No. 55294/2019 - APPROPRIATE ORDERS/DIRECTIONS
IA No. 105983/2019 - APPROPRIATE ORDERS/DIRECTIONS
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IA No. 105977/2019 - APPROPRIATE ORDERS/DIRECTIONS
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IA No. 94991/2019 - APPROPRIATE ORDERS/DIRECTIONS
IA No. 106597/2019 - APPROPRIATE ORDERS/DIRECTIONS
IA No. 72200/2018 - CLARIFICATION/DIRECTION
IA No. 85479/2018 - CLARIFICATION/DIRECTION
IA No. 78609/2019 - CLARIFICATION/DIRECTION
IA No. 104379/2019 - CLARIFICATION/DIRECTION
IA No. 113764/2019 - CLARIFICATION/DIRECTION
IA No. 72036/2018 - CLARIFICATION/DIRECTION
IA No. 72196/2018 - CLARIFICATION/DIRECTION
IA No. 91131/2018 - CLARIFICATION/DIRECTION
IA No. 102172/2018 - CLARIFICATION/DIRECTION
IA No. 115449/2018 - CLARIFICATION/DIRECTION
IA No. 118046/2018 - CLARIFICATION/DIRECTION
IA No. 63391/2019 - CLARIFICATION/DIRECTION
IA No. 78607/2019 - CLARIFICATION/DIRECTION
IA No. 88188/2019 - CLARIFICATION/DIRECTION
IA No. 101768/2019 - CLARIFICATION/DIRECTION
IA No. 72035/2018 - CLARIFICATION/DIRECTION
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IA No. 115433/2018 - CLARIFICATION/DIRECTION
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IA No. 128559/2018 - CLARIFICATION/DIRECTION
IA No. 67003/2018 - CLARIFICATION/DIRECTION
IA No. 88565/2018 - CLARIFICATION/DIRECTION
IA No. 113585/2018 - CLARIFICATION/DIRECTION
IA No. 115153/2018 - CLARIFICATION/DIRECTION
IA No. 71472/2018 - CLARIFICATION/DIRECTION
IA No. 72212/2018 - CLARIFICATION/DIRECTION
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IA No. 81402/2018 - CLARIFICATION/DIRECTION
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IA No. 95023/2019 - CLARIFICATION/DIRECTION
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IA No. 63400/2019 - CLARIFICATION/DIRECTION
IA No. 78763/2019 - CLARIFICATION/DIRECTION
IA No. 105199/2019 - CLARIFICATION/DIRECTION
IA No. 113770/2019 - CLARIFICATION/DIRECTION
IA No. 71446/2018 - INTERVENTION APPLICATION
IA No. 72065/2018 - INTERVENTION APPLICATION
IA No. 80237/2018 - INTERVENTION APPLICATION
IA No. 98447/2018 - INTERVENTION APPLICATION
IA No. 102780/2018 - INTERVENTION APPLICATION
IA No. 115451/2018 - INTERVENTION APPLICATION
IA No. 122478/2018 - INTERVENTION APPLICATION
IA No. 63399/2019 - INTERVENTION APPLICATION
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IA No. 85478/2018 - INTERVENTION APPLICATION
IA No. 98444/2018 - INTERVENTION APPLICATION
IA No. 104377/2019 - INTERVENTION APPLICATION
IA No. 71246/2018 - INTERVENTION APPLICATION
IA No. 74800/2018 - INTERVENTION APPLICATION
IA No. 85350/2018 - INTERVENTION APPLICATION
IA No. 91130/2018 - INTERVENTION APPLICATION
IA No. 97630/2018 - INTERVENTION APPLICATION
IA No. 102171/2018 - INTERVENTION APPLICATION
IA No. 115447/2018 - INTERVENTION APPLICATION
IA No. 55291/2019 - INTERVENTION APPLICATION
IA No. 63388/2019 - INTERVENTION APPLICATION
IA No. 88187/2019 - INTERVENTION APPLICATION
IA No. 98694/2019 - INTERVENTION APPLICATION
IA No. 104375/2019 - INTERVENTION APPLICATION
IA No. 70148/2018 - INTERVENTION APPLICATION
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IA No. 83018/2018 - INTERVENTION APPLICATION
IA No. 101789/2018 - INTERVENTION APPLICATION
IA No. 116944/2018 - INTERVENTION APPLICATION
IA No. 78596/2019 - INTERVENTION APPLICATION
IA No. 85346/2019 - INTERVENTION APPLICATION
IA No. 104370/2019 - INTERVENTION APPLICATION
IA No. 107624/2019 - INTERVENTION APPLICATION
IA No. 67279/2018 - INTERVENTION APPLICATION
IA No. 72146/2018 - INTERVENTION APPLICATION
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IA No. 90529/2018 - INTERVENTION APPLICATION
IA No. 101666/2018 - INTERVENTION APPLICATION
IA No. 113940/2018 - INTERVENTION APPLICATION
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IA No. 115428/2018 - INTERVENTION APPLICATION
IA No. 63361/2019 - INTERVENTION APPLICATION
IA No. 82943/2019 - INTERVENTION APPLICATION
IA No. 104366/2019 - INTERVENTION APPLICATION
IA No. 107588/2019 - INTERVENTION APPLICATION
IA No. 71482/2018 - INTERVENTION APPLICATION
IA No. 72138/2018 - INTERVENTION APPLICATION
IA No. 72488/2018 - INTERVENTION APPLICATION
IA No. 82812/2018 - INTERVENTION APPLICATION
IA No. 95227/2018 - INTERVENTION APPLICATION
IA No. 116607/2018 - INTERVENTION APPLICATION
IA No. 128557/2018 - INTERVENTION APPLICATION
IA No. 77453/2019 - INTERVENTION APPLICATION
IA No. 97702/2019 - INTERVENTION APPLICATION
IA No. 105211/2019 - INTERVENTION APPLICATION
IA No. 107367/2019 - INTERVENTION APPLICATION
IA No. 67001/2018 - INTERVENTION APPLICATION
IA No. 72114/2018 - INTERVENTION APPLICATION
IA No. 88561/2018 - INTERVENTION APPLICATION
IA No. 113583/2018 - INTERVENTION APPLICATION
IA No. 115151/2018 - INTERVENTION APPLICATION
IA No. 115944/2018 - INTERVENTION APPLICATION
IA No. 62686/2019 - INTERVENTION APPLICATION
IA No. 103163/2019 - INTERVENTION APPLICATION
IA No. 72211/2018 - INTERVENTION APPLICATION
IA No. 80246/2018 - INTERVENTION APPLICATION
IA No. 94629/2018 - INTERVENTION APPLICATION
IA No. 110623/2018 - INTERVENTION APPLICATION
IA No. 61372/2019 - INTERVENTION APPLICATION
IA No. 102309/2019 - INTERVENTION APPLICATION
IA No. 66094/2018 - INTERVENTION/IMPLEADMENT
IA No. 91143/2018 - INTERVENTION/IMPLEADMENT
IA No. 114985/2018 - INTERVENTION/IMPLEADMENT
IA No. 58851/2019 - INTERVENTION/IMPLEADMENT
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IA No. 114970/2018 - INTERVENTION/IMPLEADMENT
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IA No. 134965/2018 - INTERVENTION/IMPLEADMENT
IA No. 116941/2018 - INTERVENTION/IMPLEADMENT
IA No. 81351/2019 - INTERVENTION/IMPLEADMENT
IA No. 66133/2019 - INTERVENTION/IMPLEADMENT
IA No. 81346/2019 - INTERVENTION/IMPLEADMENT
IA No. 66759/2018 - INTERVENTION/IMPLEADMENT
IA No. 114988/2018 - INTERVENTION/IMPLEADMENT
IA No. 126404/2018 - INTERVENTION/IMPLEADMENT
IA No. 103237/2019 - PERMISSION TO APPEAR AND ARGUE IN PERSON
IA No. 110611/2019 - PERMISSION TO FILE ADDITIONAL
DOCUMENTS/FACTS/ANNEXURES
6
IA No. 99900/2018 - PERMISSION TO FILE ADDITIONAL
DOCUMENTS/FACTS/ANNEXURES
IA No. 86731/2018 - PERMISSION TO FILE ADDITIONAL
DOCUMENTS/FACTS/ANNEXURES
IA No. 71828/2018 - PERMISSION TO FILE APPLICATION FOR DIRECTION
IA No. 72068/2018 - RECALLING THE COURTS ORDER)
C.A. No. 11008/2017 (XVII-A)
(IA No.80805/2017-EXEMPTION FROM FILING C/C OF THE IMPUGNED
JUDGMENT and IA No.85513/2017-INTERVENTION/IMPLEADMENT and IA
No.85519/2017-INTERVENTION/IMPLEADMENT and IA No.85880/2017-
INTERVENTION/IMPLEADMENT and IA No.95992/2017-impleading party and
IA No.98113/2017-APPROPRIATE ORDERS/DIRECTIONS and IA
No.98117/2017-DELETING THE NAME OF RESPONDENT)
C.A. No. 17008-17011/2017 (XVII-A)
(IA No. 85469/2018 - APPLICATION FOR TRANSPOSITION
IA No. 66025/2018 - APPROPRIATE ORDERS/DIRECTIONS
IA No. 96100/2017 - APPROPRIATE ORDERS/DIRECTIONS
IA No. 15770/2018 - CLARIFICATION/DIRECTION
IA No. 138460/2018 - CLARIFICATION/DIRECTION
IA No. 94577/2017 - EXEMPTION FROM FILING C/C OF THE IMPUGNED
JUDGMENT
IA No. 94844/2018 - INTERVENTION/IMPLEADMENT IA No. 94782/2018 - INTERVENTION/IMPLEADMENT IA No. 93352/2018 - INTERVENTION/IMPLEADMENT IA No. 55457/2018 - INTERVENTION/IMPLEADMENT IA No. 116810/2018 - INTERVENTION/IMPLEADMENT IA No. 94736/2017 - PERMISSION TO FILE ADDITIONAL DOCUMENTS/FACTS/ANNEXURES) C.A. No. 16858/2017 (XVII-A) IA No. 101622/2018 - CLARIFICATION/DIRECTION IA No. 71612/2018 - INTERVENTION/IMPLEADMENT IA No. 50215/2019 - INTERVENTION/IMPLEADMENT IA No. 108044/2018 - INTERVENTION/IMPLEADMENT IA No. 101795/2018 - INTERVENTION/IMPLEADMENT) C.A. No. 20003/2017 (XVII-A) (IA No. 144379/2019 - INTERVENTION/IMPLEADMENT) SLP(C) No. 30997/2017 (XVII-A) C.A. No. 3727/2018 (XVII-A) (WITH IA No. 41952/2018 - APPROPRIATE ORDERS/DIRECTIONS) C.A. No. 6837-6838/2018 (XVII-A) (WITH IA No. 82490/2018 - EX-PARTE INTERIM DIRECTION) SLP(C) No. 12667/2018 (XVII-A) 7 IA No. 127173/2018 - CLARIFICATION/DIRECTION IA No. 127169/2018 - INTERVENTION/IMPLEADMENT) Diary No(s). 20540/2018 (XVII-A) IA No. 104957/2018 - CONDONATION OF DELAY IN FILING APPEAL IA No. 104958/2018 - CONDONATION OF DELAY IN REFILING / CURING THE DEFECTS) C.A. No. 8524/2018 (XVII-A) IA No. 111987/2018 - CLARIFICATION/DIRECTION) C.A. No. 10609/2018 (XVII-A) SLP(C) No. 30270/2018 (XVII-A) Diary No(s). 40477/2018 (XVII-A) IA No. 168356/2018 - APPROPRIATE ORDERS/DIRECTIONS IA No. 168354/2018 - CONDONATION OF DELAY IN FILING IA No. 168355/2018 - EXEMPTION FROM FILING C/C OF THE IMPUGNED JUDGMENT) W.P.(C) No. 51/2019 (X) IA No. 8597/2019 - CLARIFICATION/DIRECTION) Diary No(s). 1380/2019 (XVII-A) IA No. 14639/2019 - CONDONATION OF DELAY IN FILING IA No. 14640/2019 - EXEMPTION FROM FILING C/C OF THE IMPUGNED JUDGMENT) Diary No(s). 4454/2019 (XVII-A) IA No. 30656/2019 - CONDONATION OF DELAY IN FILING IA No. 30657/2019 - EXEMPTION FROM FILING C/C OF THE IMPUGNED JUDGMENT) C.A. No. 3236/2019 (XVII-A) C.A. No. 3269/2019 (XVII-A) (With IA No. 51514/2019 - APPROPRIATE ORDERS/DIRECTIONS) C.A. No. 3935/2019 (XVII-A) (FOR ADMISSION and IA No.63737/2019-CLARIFICATION/DIRECTION) Diary No(s). 13860/2019 (XVII-A) IA No. 68265/2019 - APPROPRIATE ORDERS/DIRECTIONS IA No. 68264/2019 - CONDONATION OF DELAY IN FILING APPEAL) 8 Diary No(s). 13969/2019 (XVII-A) (FOR ADMISSION and I.R. and IA No.71090/2019-CONDONATION OF DELAY IN FILING) C.A. No. 5177/2019 (XVII-A) C.A. No. 5190/2019 (XVII-A) (FOR ADMISSION) C.A. No. 5912/2019 (XVII-A) (FOR ADMISSION) Date : 18-12-2019 These matters were called on for hearing today. CORAM :
HON'BLE DR. JUSTICE D.Y. CHANDRACHUD HON'BLE MR. JUSTICE M.R. SHAH Mr. Pawanshree Agrawal, Adv (A.C.) Ms. Abhipsa Anamika, Adv. For Appellant(s) Ms. Uttara Babbar, AOR Ms. Bhavana Duhoon, Adv. Mr. Manan Bansal, Adv.
Mr. M.L. Lahoty, Adv.
Mr. Manikya Khanna, Adv. Mr. Tarun Mehta, Adv.
Mr. Pratyaksh Sharma, Adv. Ms. Nidhi Mohan Parashar, AOR Mr. Ajay Kumar Talesara, AOR Mr. Saurav Kumar, Adv.
Mr. A.P. Sinha, Adv.
Mr. Deepak Goel, AOR Mr. Sahil Tagotra, AOR Ms. Vanshaja Shukla, AOR Mr. Parmanand Yadav, Adv. Mr. Rahul Shyam Bhandari, AOR Dr. Harish Uppal, Adv.
Mr. Tileshwar Prasad, Adv. Ms. Prerna Mehta, AOR Mr. Ruchit Dugal, Adv.
Mr. Vaibhav Mahajan, Adv. Mr. Siddhant Gupta, Adv. Mr. Awanish Kumar, AOR 9 Mr. Rahul Narayan, AOR Mr. Shashwat Goel, Adv. Mr. Digvijay Dam, Adv.
Mr. Himanshu Shekhar, AOR Mr. Shubhranshu Padhi, AOR Mr. Ashish Yadav, Adv.
Ms. Ranjeeta Rohatgi, AOR Ms. Divya Roy, AOR Dr Harish Uppal, Adv.
Mr. Tileshwar Prasad, Adv. Mr. Vikas Mehta, AOR Mr. Kushal Sarkar, Adv. Mr. Vasanth Bharani, Adv. Mr. Nikhil Nayyar, Sr. Adv. Mr. Mohit Arora, Adv.
Ms. Divya Jyoti Singh, Adv. Mr. G. Venkatesh Rao, Sr. Adv. Mr. A.K. Upadhyay, Adv. Mr. Arzoo Raj, Adv.
Ms. Anushka Sarker, Adv. Mr. Devendra Singh, AOR Mr. Kamlendra Mishra, AOR Ms. Aswathi M.k., AOR Mr. Gaurav, AOR Mr. Pahlad Singh Sharma, AOR Mrs. Rachana Joshi Issar, AOR Ms. Prerna Chaturvedi, Adv. Mr. Pawanshree Agrawal, AOR Ms. Priyanjali Singh, AOR Mr. Rahul Rathore, Adv. Mr. Karunesh Kumar Shukla, Adv. Mr. Gp. Capt. Karan Singh Bhati, AOR Dr. A.M. Singhvi, Sr. Adv. Mr. Dushyant Dave, Sr. Adv. Mr. Pinaki Misra, Sr. Adv. Dr. Menaka Guruswamy, Sr. Adv. 10
Mr. Mahesh Agarwal, Adv. Mr. Abhinav Agrawal, Adv. Mr. Anuroop Chakravarti, Adv. Ms. Neeha Nagpal, Adv.
Ms. Mayuri Nayyar Chawla, Adv. Mr. E. C. Agrawala, AOR Mr. Vishal Gosain, Adv. Mr. Mohit Negi, Adv.
Mr. Abhimanyu Bhandari, Adv. Mr. Saket Sikri, Adv.
Mr. Atul Malhotra, Adv. Petitioner-in-person For Respondent(s) Mr. K.K. Venugopal, AG Ms. Madhavi Divan, ASG Ms. Chinmayee Chandra, Adv. Mr. Raj Bahadur, Adv.
Ms. Shraddha Deshmukh, Adv. Mr. Rahul Jajoo, Adv.
Ms. Suhasini Sen, Adv.
Mr. Anish Kr. Gupta, Adv. Mr. T.A. Khan, Adv.
Mr. B. V. Balaram Das, AOR Mr. P. S. Sudheer, AOR Mr. E. C. Agrawala, AOR Respondent-in-person Mr. Ravindra Kumar, AOR Ms. Pritha Srikumar, AOR Mr. Ashok Mathur, AOR Ms. Puja Jain, Adv.
Ms. Poonam Anand, Adv.
Mr. Keshav Mohan, Adv.
Mr. Prashant Kumar, Adv. Mr. Santosh Kumar - I, AOR Mr. D. Abhinav Rao, AOR Mr. P. K. Jain, AOR Mr. Kaushik Poddar, AOR Ms. Divya Roy, AOR Mr. Siddharth, AOR 11 Mr. Rakesh Mishra, AOR Mr. Shantanu Sagar, AOR Ms. Filza Moonis, AOR Mr. Chandra Bhushan Prasad, AOR Mr. Abhijat P. Medh, AOR Ms. Aswathi M.k., AOR Mr. Anip Sachthey, Sr. Adv. Mr. Rahul Kumar, Adv.
Mr. Ilesh Shukla, Adv.
Ms. Anjali Chauhan, Adv. Mr. Chetanya Singh, Adv. Mr. Navneet K. Sarin, Adv. Ms. Ria Sachthey, Adv.
Mr. Prince Wangchuk Lama, Adv. Mr. Jay Kishor Singh, AOR Mr. Siddharth Mehra, Adv. Ms. Anjali Sharma, Adv. Mr. M. R. Shamshad, AOR Ms. Harsh Lata, AOR Mr. Birendra Kumar Mishra, AOR Mr. Sanjay Kumar Visen, AOR Mr. Rajeev Singh, AOR Mr. Pukhrambam Ramesh Kumar, AOR Ms. Charu Mathur, AOR Ms. Priya Kashyap, Adv. Mr. Rajesh Goyal, AOR Ms. Vandana Surana, Adv. Mr. Abhinav Shrivastava, AOR Ms. Jaikriti S. Jadeja, AOR Ms. Rashi Bansal, AOR Mr. Anand Sukumar, Adv. Mr. S. Sukumaran, Adv.
Mr. Bhupesh Kumar Pathak, Adv. Ms. Meera Mathur, AOR 12 Mr. Amit Sharma, AOR Mr. U.A. Rana, Adv.
Mr. Himanshu Mehta, Adv. M/S. Gagrat And Co, AOR Mr. Mayank Goel, AOR Mr. C.U. Singh, Sr. Adv. Mr. Basava Prabhu S Patil, Sr. Adv. Ms. Sushmita Banerjee, Adv. Mr. Rabin Majumder, AOR Mr. Vipin Kumar Jai, AOR Mr. Gopal Jha, AOR Mr. Akshat Shrivastava, AOR Mr. Anupam Lal Das, Sr. Adv. Mr. Shashibhushan P. Adgaonkar, AOR Mr. Lalit Mohan, Adv.
Eknta Luthara, Adv.
Dr. Lalit Bhasin, Adv.
Ms. Nina Gupta, Adv.
Ms. Palak Chadha, Adv.
Ms. Ruchika Joshi, Adv. Mr. P. V. Yogeswaran, AOR Mr. Gyan Prakash Srivastava, AOR Mr. M. Yogesh Kanna, AOR Mr. Rajat Sehgal, AOR Mr. Mandavya Kapoor, Adv. Mr. M. P. Vinod, AOR Ms. Shobha Gupta, AOR Mr. Ravindra Bana, AOR Mr. Siddhartha Jha, AOR Mr. Deepak Arora, Adv.
Mr. Chandra Shekhar Mishra, Adv. Mr. Ashwani Kumar Dubey, AOR Ms. Bansuri Swaraj, Adv. Arshiya Ghose, Adv.
Mr. Kedar Nath Tripathy, AOR 13 Ms. Garima Prashad, AOR M/S. Cyril Amarchand Mangaldas AOR Mr. Gagan Gupta, AOR Ms. Soumya Dutta, AOR Mr. Rajiv Dutta, Sr. Adv. Mr. P.R. Kovilan, Adv.
Mrs. Geetha Kovilan, AOR Mr. Nikhil Swami, AOR Ms. Praveena Gautam, Adv. Mr. Shekhar Vyas, Adv.
Mr. R.P. Goyal, Adv.
Ms. Nitya Rao, Adv.
Mrs. Anil Katiyar, AOR Mr. Vivek Gupta, AOR Mr. A. Karthik, AOR Kmnp Law AOR Mr. Abhijeet Shah, Adv. Mr. Omprakash Ajitsingh Parihar, AOR Mr. Pragya Palawat, Adv. Mr. Rajiv Ranjan Dwivedi, AOR Mr. C. K. Sasi, AOR Mr. Nikunj Dayal, AOR Mr. Sureshan P., AOR Mr. R.S. Suri, Sr. Adv.
Mr. Himanshu Sinha, Adv. Mr. Bhuwan Dhoopar, Adv. Mr. Aditya Giri, Adv.
Mr. Syed Jafar Alam, AOR Mrs. B. Sunita Rao, AOR Mr. Arvind Gupta, AOR Mr. Rabidra Tiwary, Adv. Mr. Sanjeev Kumar Varma, Adv. Mr. Ashish Kumar Sinha, Adv. Mr. Atul Garg, Adv.14
Mr. Abhay Kumar, AOR Mr. M. P. Devanath, AOR Ms. Madhurima Tatia, AOR Mr. Rohit Sharma, Adv.
Mr. Atul Agarwal, Adv.
Mr. Rounak Nayak, Adv.
Mr. Kumar Dushyant Singh, AOR Mr. Vivek Jain, AOR Mr. Yadav Narender Singh, AOR Dr Harish Uppal, Adv.
Mr. Tileshwar Prasad, Adv. Mr. Vikas Mehta, AOR Mr. Kushal Sarkar, Adv. Mr. Vasanth Bharani, Adv. Mr. Ashwani Garg, Adv.
Mr. Vijay Kumar, AOR Mr. Maninder Singh, Sr. Adv. Arveena Sharma, Adv.
Mr. Abhishek Agarwal, AOR Mr. Sukant Vikram, AOR Mr. Roopansh Purohit, AOR Mr. Somanatha Padhan, AOR Mr. S. R. Setia, AOR Mr. Neeraj Shekhar, AOR Mr. T. N. Singh, AOR Ms. Manjula Gupta, AOR M/S. Av Global Chambers, AOR Mr. Saurabh Upadhyay, Adv. Ms. Hardikaa, Adv.
Mr. Sanjay Kumar Tyagi, AOR Mr. Narender Kumar Verma, AOR Ms. Liz Mathew, AOR Mr. Sonal Jain, AOR 15 Mr. Ashok Kr. Jain, Adv. Mr. Pankaj Jain, Adv.
Mr. Amit Kasera, Adv.
Mr. Bijoy Kumar Jain, AOR Mr. Mohit D. Ram, AOR Mr. Venkateswara Rao Anumolu, AOR Mr. Gaurav Goel, AOR Mr. Arjun Harkauli, AOR Mr. Anirudh Sharma, AOR Mr. Ghanshyam, Adv.
Mr. Devendra Singh, AOR Mr. Praveen Agrawal, AOR Mr. Prithvi Pal, AOR Mr. Prashant Kumar, Adv. Mr. Joseph Pookkatt, Adv. Mr. Dhawesh Pahuja, Adv. Ms. Charu Ambwani, AOR Mr. Sumit R. Sharma, AOR Mr. Kailash Pandey, Adv. Mr. Ranjeet Singh, Adv. Ms. Jyoti Kumar Mishra, Adv. Ms. Sushmita Mishra, Adv. Shri. Gaichangpou Gangmei, AOR Mr. Vivek Narayan Sharma, AOR Mr. Umang Shankar, AOR Mr. Vineet Bhagat, AOR Mr. Jatin Zaveri, AOR Mr. Karan Bharihoke, AOR Mr. Jeetender Gupta, AOR Mr. R. C. Kaushik, AOR Mr. S.Udaya Kumar Sagar, AOR Ms. Swati Bhardwaj, Adv. 16 Mr. Roshan Santhalia, AOR Mr. Shashank Manish, AOR Ms. Smriti Shah, Adv.
Ms. Twinkle Kataria, Adv. Ms. Nidhi Sahay, Adv.
Ms. Sujata Kurdukar, AOR Mr. Ranjit Kumar Sharma, AOR Ms. Preeti Singh, AOR Mr. Preshit Vilas Surshe, AOR Mr. Amit Pawan, AOR Mr. Ajay Jain, Adv.
Mr. Jinendra Jain, AOR Mr. Brijesh Yadav, Adv. Mr. I.C. Jain, Adv.
Ms. Tannu, Adv.
Mr. Divyesh Pratap Singh, AOR Ms. Bharti Tyagi, AOR Mr. Gp. Capt. Karan Singh Bhati, AOR Mr. Anoop Kr. Srivastav, AOR Mr. Rameshwar Prasad Goyal, AOR Mr. Aakarsh Kamra, AOR Mr. Somesh Chandra Jha, AOR Mr. Harshad V. Hameed, AOR Mr. Dileep Poolakkot, Adv. Mrs. Ashly Harshad, Adv. Mr. Muhammed Siddick, Adv. Mrs. Kirti Renu Mishra, AOR Ms. Apurva Upmanyu, Adv. Mr. Sandeep Bajaj, Adv. Ms. Aakanksha Nehra, Adv. Mr. Dhananjaya Sud, Adv. Ms. Nidhi Mohan Parashar, AOR Mr. Rajeev Kumar Yadav, Adv. Mr. Chandan Kumar, AOR 17 Mr. Aniruddha P. Mayee, AOR Mr. Sudhir Kumar, Adv.
Ms. Kumud Lata Das, AOR Mr. Ravi Agrawal, Adv.
Mr. Rahul Kaushik, AOR Mr. Avinash Sharma, AOR Mr. Vikram Hegde, Adv.
Ms. Hima Lawrence, AOR Mr. Siddharth Batra, AOR Mr. Ravinder Kumar, Adv. Ms. Garima Sehgal, Adv. Ms. Sugandha Sharma, Adv. Mr. Deepak Goel, AOR Mr. K. K. Mohan, AOR Mr. Nishit Agrawal, AOR Mr. Harsh Mishra, Adv.
Mrs. Gargi Khanna, AOR Mr. Abhisth Kumar, AOR Ms. Rakhi Ray, AOR Ms. Shilpa Chohan, Adv. Mr. Rajesh Singh, AOR Mr. Abhinav Mukerji, AOR Mr. Amit Kumar, AOR Mr. Santosh Krishnan, AOR Mr. Yakesh Anand, Adv.
Mr. Nimit Mathur, Adv.
Mr. Rajesh Kumar, AOR Applicant-in-person Mr. S. K. Verma, AOR Mr. Aditya Singh, AOR Mr. P. N. Puri, AOR Ms. Kamakshi S. Mehlwal, AOR 18 Mr. Sanjay Jain, AOR Mr. Udayaditya Banerjee, AOR Mr. Rajesh Kumar Chaurasia, AOR Mr. S. Rajappa, AOR Mr. T. Mahipal, AOR Mr. Tarun Gupta, AOR Mr. Jaideep Gupta, Sr. Adv. Mr. Ajay K. Jain, Adv.
Mr. Akshat Kumar, AOR Mr. Atanu Mukherjee, Adv. Mr. Yash Karan Jain, Adv. Mr. D.K. Rustagi, Adv.
Mr. Deepak Anand, AOR Mr. Pahlad Singh Sharma, AOR Mr. Balaji Srinivasan, AOR Mr. Gopal Sankaranarayanan, Sr. Adv. Mr. Manmeet Singh, Adv. Mr. Abhinandan Banerjee, Adv. Mr. Abhilasha Khanna, Adv. Mr. Himanshu Shekhar, AOR Mr. M.L. Lahoty, Sr. Adv. Mr. Paban K. Sharma, Adv. Mr. Anchit Sripat, Adv. Mr. Himanshu Shekhar, Adv. Ms. Mridula Ray Bharadwaj, AOR Mr. Manish Shanker Srivastava, Adv. Ms. Kalpana, Adv.
Mr. Tushar Varma, Adv.
Mohd. Tauseef, Adv.
Dr. Vinod Kumar Tewari, AOR Mr. Awanish Kumar, AOR Mr. Aldanish Rein, AOR Mr. Kaustubh Anshuraj, AOR Mr. Krishna Kumar Singh, AOR 19 Mr. Ashwarya Sinha, AOR Mr. Dharmendra Kumar Sinha, AOR Mr. Partha Sil, AOR Ms. Vibha Mahajan, Adv. Ms. Upasana Nath, AOR Ms. Rashmi Nandakumar, AOR Mr. Shantanu Krishna, AOR Mr. Aneesh Mittal, AOR Ms. Shreya Sharma, Adv. Ms. Tara V. Ganju, Adv.
Kashin Dutta, Adv.
Ms. Jyoti Mendiratta, AOR Dr. Aman Hingorani, Adv. Mr. Himanshu Yadav, Adv. for M/S. Hingorani & Associates Mr. Kaushik Choudhury, AOR Mr. Akarsh Garg, Adv.
Mr. Deepanshu Jain, Adv. Mr. Shaantanu Jain, Adv.
M/S. Dua Associates, AOR Mr. Ayush Sharma, AOR Mr. Vaibhav Kumar, AOR Mr. Parag Tripathi, Sr. Adv. Mr. Kartik Yadav, Adv.
Mr. Parinay T. Vasandani, Adv. For DSK Legal Mr. R. Vasanth, Adv.
Mr. Saurabh Babuckar, Adv. Ms. Shweta Vashist, Adv. Mr. R. Chandrachud, Adv. Ms. V. Mohana, Sr. Adv.
Mr. B. Ragunath, Adv.
Mr. Sriram P, Adv.
Mr. Rakesh Mittal, Adv. Mr. Ravi Dwivedi, Adv.
Mr. R.N. Venjrani, Sr. Adv. 20
Mr. Hitesh Kumar Sharma, Adv.
Mr. S.K. Rajora, Adv.
Mr. Akhileshwar Jha, Adv. Ms. Sandhya Sharma, Adv. Mr. Vivek Kumar, In-person Mr. A.S. Aman, Adv.
Mr. Ujjwal Singh, Adv.
for Karanjawala & Co.
Mr. Ashutosh Srivastava, In-person UPON hearing the counsel the Court made the following O R D E R Re: Proposal submitted by the NBCC In pursuance of the previous orders dated 9 May 2019 and 5 July 2019, Mr K K Venugopal, learned Attorney General for India, has placed on the record the methodology proposed for undertaking the completion of stalled/incomplete projects of Unitech Group under the auspices of NBCC. The methodology proposed envisages the appointment of a four member committee by this Court. The role of the Committee is to oversee the implementation of the entire proposal by NBCC. NBCC, on its part, has proposed that it will act as a Project Management Consultant under the supervision of the Committee. NBCC has, however, stated that it will not undertake any work of construction. NBCC has not accepted any commitment of its own in financial terms. For the work which it proposes to perform, it expects a fee calculated at the rate of eight per cent of the actual cost of work.21
Explaining the terms of the proposal, the learned Attorney General submitted that while NBCC is willing to fulfill the task, if it is entrusted by the Court, the successful completion of the work will depend upon the funds being made available for NBCC without which there can be no guarantee of the work being completed expeditiously.
Pursuant to the liberty granted by the Court, the home buyers have expressed serious objections to the proposal. The amicus curiae has made a summary of those objections.
The Learned Attorney General has fairly placed the conditionalities in the proposal, which has been submitted by NBCC.
We have, during the course of the hearing, also deliberated on certain developments which had taken place during the pendency of these proceedings which ultimately culminated in an order dated 18 December 2017.
From the record, it emerges that the Union of India had moved the National Company Law Tribunal1 in an application being CP-423(ND) of 2017 under Sections 241 and 242 of the Companies Act 2013. Highlighting the mismanagement which had taken place in the conduct of the affairs of Unitech Limited, the Union of India, by its application which was filed on 5 December 2017, sought directions from the NCLT for the suspension of the 1 NCLT 22 current Directors, and an order of restraint on the alienation of assets by the company.
The NCLT, by its order dated 8 December 2017, issued interim directions in the following terms:
“(i) The current directors Respondent No 2 to 9 are suspended and restrained from acting as directors of respondent no 1 company;
(ii) All the respondents are restrained from alienating, mortgaging, creating charge or lien or interest in the properties owned by them personally or that of the company till the conclusion of investigation as directed by this Tribunal vide order dated 6.10.2016. (The inspection had started but due to non-
cooperation, it has not been completed).
(iii) Ad-interim applicant are permitted to appoint 10 nominee directors on the Board of Directors of respondent no.1 company which shall remain subject to the approval of this Tribunal. A complete list alongwith antecedents of the nominee directors supported by an affidavit of a responsible officer be filed enabling this Bench to examine about their antecedents, eligibility and qualification.” Since these proceedings were pending before this Court, when the hearing took place on 13 December 2017, the following statement was, however, recorded by this Court:
“Mr Venugopal, appearing for Union of India very fairly stated, and we appreciate and record the same without any reservation, that the National Company Law Tribunal (NCLT) should not have been approached and/or should not have passed the order of the present nature.
In view of the aforesaid statement made by learned Attorney General for India, we direct stay of the order dated 08th December 2017 passed by NCLT, Principal Bench in CP-423/ (ND)/2017.” 23 Subsequently, on 12 January 2018, it was submitted on behalf of the Union of India before this Court by learned counsel that the petition which was instituted before the NCLT shall be withdrawn. Pursuant to this, an application was filed before the NCLT on which an order was passed on 16 February 2018 for the withdrawal of the petition, being CP-423(ND) of 2017, in pursuance of the statement which was recorded by this Court in its order dated 12 January 2018.
These developments took place when the NCLT had been moved after this court had already assumed jurisdiction in the matter. As the course of events unfolded, this Court, by its previous orders, indicated the urgent need for the projects of Unitech Limited to be taken up by a specialised agency so as to ensure completion in a time bound schedule in the interest of the home buyers. Since the Union of India withdrew the application which it had submitted before the NCLT only for the reason that this Court was seized of the present proceedings, we are of the view that the Union of India should revisit the original proposal in the interests of home buyers and consider appointing independent Directors for the takeover of the management of Unitech Limited. These deliberations may be conducted at the highest level so that the Court can be apprised by the learned Attorney General of the modalities which have been worked out. 24 The response of the Union of India may be filed on or before 15 January 2020. We commend the Union of India to take urgent action since the interests of nearly 12,000 home buyers is involved.
We hope and expect that a reasonable solution to the issue can be found. We leave it open to the Union of India to pursue alternative modalities so as to protect the interests of the home buyers.
Learned amicus curiae has agreed to provide the learned Attorney General with a compilation containing all the documents pertaining to the earlier application which has been noted in the above order. Re: Report of the Forensic Auditors Mr Sameer Paranjape and Mr Nitin Talwar of M/s Grant Thornton have submitted an interim report on the Forensic Audit of Unitech Limited.
During the course of the hearing, the two representatives of M/s Grant Thornton have explained the Executive Summary attached to the Report which contains the gist of the findings. From the Report, some of the salient features which have emerged are summarised below:
(i) An amount of INR 14,270 crores was collected by Unitech from 29,800 home buyers. Of this amount, INR 13,364 crores has been traced in the bank statements. Almost 90% of these collections were received during the period 2006-2014; 25
(ii) The money trail analysis reveals that out of the collections from the home buyers amounting to INR 13,364.55 crores approximately, INR 5,063.05 crores or 40% of the collections were potentially not utilized by the Unitech group towards the construction/execution of the 74 identified projects. Moreover, due to limited information which has been provided to the Forensic Auditors, they have not been able to ascertain outflows aggregating to INR 2,389.73 crores, more particularly, on whether this amount was utilized for the 74 projects;
(iii) Unitech availed of financial facilities aggregating to INR 1,805.86 crores from six financial institutions for the construction/execution of 74 projects. The money trail analysis reveals that 42%, amounting to INR 763.06 crores, has not been utilized for the construction/execution of these projects. As a result of limited information being provided to the Forensic Auditors, they have not been able to ascertain if outflows aggregating to INR 504.30 crores have been utilized for the 74 projects;
(iv) Due to Unitech not submitting relevant data, the Forensic Auditors have not been able to perform their analysis on 23 projects and the analysis has been confined to the remaining 51 projects; 26
(v) At an aggregate level, across the 51 projects, the collections exceeded the costs by INR 2,794.83 crores. This indicates that for 51 projects, INR 2,794.83 crores, which was collected from the home buyers, was not used for the purpose of the projects. Extrapolated across the remaining 23 projects, this data will match the estimation made by the Forensic Auditors;
(vi) The Forensic Auditors have found instances which indicate a potential diversion of funds from Unitech:
(a) One category consists of high value of investments/advances made and consequently written off in off-shore tax-haven countries/ companies. Between 2007-2010, three subsidiaries of Unitech made investments of INR 1,745.81 crores in ten companies in Cyprus. Between 2016-
2018, an amount of INR 1,406.33 crores or 80% of the total investment value was written off in these investments while the remaining amount of INR 339 crores is appearing as equity investments in the books of accounts. Similarly, in 2007- 2008, Unitech Global Limited, a company registered in Jersey and a subsidiary of Nuwell Limited, another subsidiary, advanced a loan of INR 294.47 crores to Kortel Limited, another step-down subsidiary of Unitech. Kortel made 27 investments of INR 292.99 crores in three foreign entities based in Cyprus during 2015-2016. INR 294.47 crores (100% of total investment value) was written off in the books of Kortel.
(b) There is a high value of receivables due from related/undisclosed related parties. The Forensic Auditors have pointed out several instances in this regard:
(i) Between 2009-2011, Unitech sold five wholly owned subsidiaries to three undisclosed related parties at an amount of INR 493.72 crores for which as on 30 November 2018, a balance of INR 294.30 crores is receivable.
(ii) During March 2011 and October 2013, Unitech advanced INR 237.63 crores to a related party, Millennium Construction Private Limited, for the acquisition of the shares of a company by the name of Grandeur Buildwell Private Limited. No shares of the company were allotted to Unitech and the entire advances are still receivable.28
(c) There is a diversion of funds through transactions with undisclosed related parties.
The Forensic Auditors have indicated the following instances in this regard:
(i) In 2011-2012, Unitech and two subsidiaries entered into transactions with Arkhion Design Private limited for availing of architectural services of a value of INR 108.92 crores.
Emails indicate that Unitech employees were involved in the management of operations of the said company. The Forensic Auditors have not been provided supporting documents pertaining to these transactions;
(ii) Between 2012-2018, Unitech and its two other subsidiaries entered into transactions with Febiana Design and Construction Private Limited for availing of services related to civil work aggregating to INR 291.89 crores. The financial information available on the website of the Ministry of Corporate Affairs indicates significant variances in the reported financial information vis-a-vis aggregated transactions carried out 29 with Unitech and its two subsidiaries. Febiana had entered into transactions aggregating to INR 273.58 crores with Unitech Group between 2012-2013 to 2016-2017. However, the documents uploaded by Febiana on the website of the Ministry of Corporate Affairs shows its reported income as INR 106.82 crores only.
(iii) The third instance is that between 2015-2018, Unitech had entered into transactions pertaining to the sale of land and other development expenditure in the value of INR 446.40 crores with five entities related to Trikar Group.
These transactions were potentially
not at arm’s length. Certain
employees of Unitech were
shifted/transferred on the payrolls of Trikar Group of Companies which have been managed by the promoters of Unitech. Multiple emails indicate that these entities appeared to be associated with the Unitech Group.
(iv) There is a potential diversion of funds from the personal bank accounts of Mr Ajay Chandra, between 2013-2018. 30 Unitech had given corporate loans to Platinum Buildmart Private Limited aggregating to INR 126.43 crores of which INR 63.50 crores is still appearing as a receivable. This company had between 2010-2012 transferred INR 71.27 crores to two personal bank accounts of Mr Ajay Chandra.
(v) Unexplained High Value of payments through a subsidiary of Unitech: QNS Facility Management Private Limited, a subsidiary of Unitech, made payments aggregating to INR 224 crores to (i) entities based in Abu Dhabi/Dubai aggregating to INR 55.45 crores and
(ii) potentially undisclosed related parties to the tune of INR 168.55 crores.
(vi) High value receivable balances written off: On 31 March 2018, Unitech had written off receivable balances aggregating to INR 198 crores pertaining to 26 parties involved in transactions relating to the sale of steel/purchase of scrap with Unitech. No supporting documentation was 31 provided by the Management.
(vii) Potential manipulation in the books of accounts Between 2007-2010, Unitech sold 22 wholly owned subsidiaries valued at INR 26.10 crores to six related parties and four undisclosed related parties for an amount aggregating to INR 1,463 crores, booking a profit on these transactions of an equivalent value. In subsequent years, these companies were re-purchased at an aggregate amount of INR 1,555.98 crores, thus making a loss of INR 92.90 crores across both the legs of the transaction.
Apart from making the above findings, the Forensic Auditors have stated in their interim report that there has been a serious mis-representation by Unitech IT team relating to the availability of electronic information. This pertains to information which has been held by Sunil Keswani, Ex-CFO, Manoj Popli and by the promoters, Ramesh Chandra, Ajay Chandra and Sanjay Chandra. The material which has been placed before the Court by the Forensic Auditors highlights:
(i) Siphoning off of funds which were received from the home buyers for purposes unrelated to the 74 projects;32
(ii) Diversion of funds to off-shore tax havens;
(iii) Entering into transactions with undisclosed and disclosed related entities;
(iv) Diversion of funds to related companies.
The material which has been placed before the Court indicates that large amounts which have been obtained from the financial institutions have not been used for the purpose for which the loans have been obtained and have been diverted for extraneous purposes.
In the background which we have noted in terms of the interim report of the Forensic Auditors, we are clearly of the view that the Union of India must step in forthwith by suspending the management of Unitech Limited and appoint independent Directors to take over the management. The sorry state of affairs to which the home buyers have been reduced is a direct consequence of acts of commission and omission on the part of the management of Unitech Limited and its subsidiaries. The Forensic Auditors have done a commendable job despite the fact that they were not placed in possession of full information and data. The data which has been analysed by the Auditors would indicate that the actual extent of mis-appropriation, siphoning and diversion of funds may be much higher than of what has been estimated in the Report, which has been presented on the basis of available data.
33We are also of the view that these acts of commission and omission involved not only acts of wrong doing in relation to the home buyers, but towards the banks and financial institutions. The issue in regard to the element of criminal wrong doing must, in our view, warrant a proper investigation by the law enforcement machinery, both from the angle of money laundering and other related facets. We accordingly direct that the report of the Forensic Auditors be made available to the learned Attorney General for India so that a copy of the Report may be made available to all concerned agencies of the Union of India for further action. Dr Abhishek Manu Singhvi, learned senior counsel made a fervent plea for releasing the promoters who are presently lodged at Tihar Jail.
The Report of the Forensic Auditors would indicate that there are serious acts of commission and omission on the part of the promoters of Unitech Limited. Moreover, the Forensic Auditors have made a serious grievance of the non-cooperation of the promoters and other managerial personnel of Unitech Limited.
We take serious note of the fact that despite successive orders of this Court, full data and information have not been provided to the Forensic Auditors. We have, therefore, no hesitation in rejecting the applications (IA Nos 182059 of 2019 and 182062 of 2019 in SLP (Crl) Nos 5978-5979 of 2017) for grant of 34 bail which are accordingly dismissed.
We would now expect the Union of India to act pro- actively in the matter and inform this Court on the next date of hearing on the steps which it initiates to replace the existing management and ensure that the management of Unitech Limited is handed over to an independent group of directors who can fulfill the mandate and responsibility of attending to the concerns of the home buyers by completing the remaining projects. Equally, we are affirmatively of the view that the Union of India must take all necessary steps to ensure that a proper investigation is carried out by the law enforcing machinery since large amounts which have been collected both from the home buyers as well as from the financial institutions have been prima facie found to have been diverted, siphoned off and mis-appropriated.
The office report dated 17 December 2019 indicates that an amount of Rs 7,99,50,000 has been deposited. The amount be kept in a fixed deposit of a nationalized bank offering higher rate of interest for a period of one year. As per the office report, three fixed deposits are maturing on 24 January 2020 and 27 January 2020. These be also renewed for a period of one year with a nationalized bank offering higher rate of interest.
List the matters on 17 January 2020.
(SANJAY KUMAR-I) (SAROJ KUMARI GAUR)
AR-CUM-PS COURT MASTER