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NCLT clears Bhutani Infra's Entertainment City stake buy over Unitech objections
The National Company Law Tribunal (NCLT) has ordered Entertainment City to register a 4.26% equity transfer to Bhutani Infra's Parmesh Construction Company. This decision overrides Unitech Holding's objections regarding a shareholder agreement violation. The tribunal ruled the transfer valid, stating that the initiation of a 100% disinvestment process effectively waived Unitech's Right of First Refusal.
Our objective is to give houses to 22,000 homebuyers of ailing Unitech: SC
The Supreme Court is pushing for a resolution for 22,000 Unitech homebuyers. The court wants suggestions from the new board, banks, and financial institutions. Homebuyers have waited years for their dream homes. The court is investigating where homebuyers' money went. The former promoters allegedly parked funds in tax-haven countries. The court aims to ensure homes are delivered.