SC ,asks firm to deposit `90 cr for agreeing to buy Unitech land

The Supreme Court on Friday directed Chennai-based Omshakty Agencies, which had entered into an agreement with Unitech, to deposit `90 crore with the court’s registry by March 31.

On January 29, Unitech had informed the court that Omshakty Agencies agreed to buy two of its land parcels for `400 crore that would enable it to complete unfinished projects and refund buyers.

Omshakthy is primarily a land aggregator. It is also developing a few housing projects on its own. Unitech also informed the court that it was willing to undertake construction of six projects that would not only satisfy about 600 home buyers but also generate surplus revenue of `2,000 crore.

The apex court did not comment on the custody parole request of Sanjay Chandra and Ajay Chandra “to arrange money (for bail security) as not all buyers were inclined to visit jail”.

On October 30, the apex court had asked Unitech to deposit `750 crore by December to secure bail for its director Sanjay Chandra who has been in jail in a case of alleged forgery lodged by buyers of its project in Gurgaon. Chandra and his brother Ajay were arrested by the Delhi Police in April last year for not developing a project despite receiving funds from investors.

As many as 4,688 home buyers have claimed refunds of `1,865 crore from Unitech in the Supreme Court over various projects undertaken by the real estate company. Till now, Unitech has deposited Rs 18 crore before Supreme Court registry.

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