NCLT adjourns Centre's plea to take over Unitech's board, shares rally 5%

NEW DELHI: Shares of realty firm Unitech surged over 5 per cent in afternoon trade on Wednesday after the National Company Law Tribunal(NCLT)adjourned Corporate Affairs Ministry's plea to take over the company's board.

Few days back, the Supreme Court had expressed apprehension about the manner in which Centre moved the NCLT to take control of embattled real estate firm Unitech's board without seeking its permission.

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


The company has over Rs 6,000 crore debt and over 16,000 undelivered units from a total of nearly 70 projects.

Shares of Unitech closed 5.04 per cent up at Rs 7.08 on BSE on Wednesday.