Unitech buyers worried over vacant CMD post, lack of funds for projects
Distressed homebuyers of crisis-hit Unitech Ltd have expressed concern over a lack of funds to complete stalled projects and demanded that the unsold assets of the realty firm should be auctioned to expedite construction works.
Five associations, representing thousands of property buyers of Unitech Ltd, also sought that a new Chairman and Managing Director (CMD) should be appointed soon to run the company as the post is vacant from nearly one month.
In 2020, Unitech's board was superseded by the central government on the Supreme Court's direction.
The Ministry of Corporate Affairs proposed the constitution of a new board, which was approved by the apex court on January 20, 2020.
Unitech Ltd is facing a huge cash crunch, resulting in significant delays (over 15 years) in the deliveries of its housing and commercial projects, primarily in Delhi-NCR.
Around 15,000 customers are stuck in various projects of the company.
As many as five associations have issued statements urging the ...
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