Business India

No interim bail for Unitech MD as SC says ‘Not today’

No interim bail for Unitech MD as SC says ‘Not today’

Reality major Unitech’s Managing Director Sanjay Chandra failed to get any relief from the Supreme Court, as it on Friday refused to grant him interim bail saying “not today”.

Even as Chandra urged the court to have “mercy” on him, the bench of Chief Justice Dipak Misra, Justice A.M.Khanwilkar and Justice D.Y.Chandrachud said: “Not today”.

The court was unmoved even as Chandra’s counsel Abhimanyu Bhandari told the bench that his client sought mercy as he was in “a very critical situation” and should be allowed to “come out” having proved his bona fides by depositing Rs 20 crore as directed by the court.

The bench said: “I am not imposing any further condition. How you arrange your finances… it is your problem”, indicating that it may make the real estate major to make periodic payments – the course it adopted in case of Sahara.

Directing the next hearing of the matter on September 18, the court directed counsel Pawan Shri Agrawal to prepare a list of the flat buyers before the court, the amount paid by them, those desirous of getting flat/plots and those seeking the refund.

The court said that those who are desirous of taking a flat would say so in an affidavit so that there was no confusion.

It made it clear that the money that Unitech would deposit in pursuance to its direction would be disbursed among those seeking refund on pro rata basis.

Chandra and his brother Ajay were arrested in April this year after investors who did not get their flats as promised filed complaints of cheating against them.

They were sent to judicial custody last week after the trial court refused to extend three months interim bail granted to them in April. Delhi High Court too refused to extend the interim bail that came to an end on August 10.

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