(FE)
The National Company Law Tribunal (NCLT) has allowed the corporate affairs ministry to appoint 10 nominee directors for Unitech, who would be subject to tribunal nod, saying that the existing directors will not be allowed to sell company’s or personal asset, CNBC-TV18 reported.
According to Bloomberg, the corporate affairs ministry has moved the bankruptcy court to take over management control of real-estate giant Unitech, citing mismanagement and diversion of funds. The government has sought the suspension of Unitech’s existing board of directors and its chief financial officer in a petition filed with the National Company Law Tribunal under a section of the Companies Act, 2013.
