Unitech stocks fall 16% as SC stays tribunal's order directing govt to take over...

Published On: 13, Dec 2017 | Source: Hindustantimes

Unitech on Wednesday slipped more than 16% after the Supreme Court stayed NCLT order allowing the Centre to take over the management of the embattled firm.

The Supreme Court on Wednesday stayed the December 8 order of the company law tribunal NCLT in this respect.

Following the development, Unitech stock fell to a low of Rs 6.43 on the BSE, down 16.38% over its previous closing price.

On the NSE, a similar movement was seen where the stock opened at Rs 7.55, but fell to a low of Rs 6.40, down 16.33%.

A bench comprising Chief Justice Dipak Misra and Justices A M Khanwilkar and DY Chandrachud considered the statement of attorney general KK Venugopal that the government should not have moved the National Company Law Tribunal (NCLT) when the apex court was seized of the matter.

The NCLT, on December 8, had suspended all the eight directors of the realty firm over allegations of mismanagement and siphoning off of funds and had authorised the Centre to appoint its 10 nominees on the board.

The NCLT order had come after the Centre moved the panel with a view to protecting interests of nearly 20,000 home buyers.