Unitech recoups losses ahead of SC hearing on NCTL order

NEW DELHI: Shares of Unitech advanced over 1 per cent after plunging nearly 6 per cent in early trade on Tuesday, ahead of the company's hearing on the NCTL (National Company Law Tribunal) order in the Supreme Court (SC) later in the day.

The company on Monday had informed stock exchanges that it has appealed before SC against the NCTL order that seeks the suspension of all existing directors of the company on the request of the central government.

The stock fell 5.7 per cent in the morning trade to hit a low of Rs 7.6 on BSE, eventually closing at Rs 7.69, down 4.59 per cent.

The NCLT had recently asked the Ministry of Company Affairs (MCA) to name 10 nominee directors to the Unitech board. The government is expected to give in the names by December 20, the next date of the hearing in the NCLT.

On December 11, appearing for Unitech, solicitor general Ranjit Kumar, said that the company had filed an appeal against the order in the apex court and urged an immediate hearing on its plea. The appeal was filed through Agrawal Law Associates, the ET reported.