Supreme Court rejects bail to Unitec Promoters

NewDelhi, January 24: The Supreme Court on Wednesday refused to grant bail to Unitech promoters Sanjay Sunda and Ajay Chandra. They were arrested on charges of cheating millions of home buyers.

The Divisional Bench of Justice, DV Chandrakud and Justice, Hemant Gupta said that they are not bailing for, The Realty Group didn t deposit Rs.750 crores fined on October 30, to the Supreme Court Registry. They were been staying in Tihar jail for almost a year and a half. Till now they have deposited nearly Rs 400 crore only. The criminal case was filed against Unitech Projects "Wild Flower Country" and "Auntiya Project" .

Almost 16,000 people bought houses from these ventures, where some are seeking their money back and some wants the houses as promised while paying the depoits. If the refunds happen, the amount to be returned is estimated to be around Rs 2,000 crore.

Amicus Curiae (advisor to the court) revealed that the total number of people who wanted to take possession of the flats or the money to pay back was 9,390. Among these 4,700 people are eeking full refund on what they paid to the company.