India's top court halts govt takeover of Unitech management

Unitech

13/12/2017 05:39

NEW DELHI, Dec 13 (Reuters) - India's Supreme Court halted a 
government takeover of the management of top realty firm Unitech 
Ltd  UNTE.NS  on Wednesday, saying the court is already seized 
of the matter. 
     The National Company Law Tribunal (NCLT) last week allowed 
the government to name new directors on the board of the 
debt-ridden firm, a rare intervention that the government said 
was to protect the public interest.  urn:newsml:reuters.com:*:nL3N1O83SZ 
    "When the matter is already pending in the Supreme Court the 
center should not move the NCLT. The order of the NCLT is stayed 
," said Supreme Court Chief Justice Dipak Misra. 
     
 
 (Reporting by Suchitra Mohanty; Writing by Nidhi Verma; Editing 
by Sanjeev Miglani) 
 ((nidhi.verma@thomsonreuters.com; +91 11 49548031; Reuters 
Messaging: nidhi.verma.thomsonreuters.com@reuters.net)) 
 
Keywords: INDIA UNITECH/