SFIO says found some properties of Unitech, SC allows it to file report

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New Delhi, Sep 29 | The Supreme Court on Wednesday allowed the Serious Fraud Investigation Office (SFIO) to file its report on irregularities in Unitech Ltd and also details on some of its properties.

Additional Solicitor General Madhavi Divan, representing the SFIO, submitted before a bench headed by Justice D.Y. Chandrachud that it has prepared a report on its investigation into Unitech Ltd and they have also found some properties and need some clarification.

“Some of the properties which they have found are overlapping with the properties found by the Enforcement Directorate,” she added, seeking permission to file its report in a sealed cover.

The bench, also comprising Justices Vikram Nath and B.V. Nagarathna, told Divan she can file the report in a sealed cover, but the matter will be taken up next Wednesday. Divan further added that they need to bring certain issues to the knowledge of the court.

The bench told Divan that it was scheduled to sit on Thursday but due to some problem, the special bench, hearing the Unitech matter, will sit on Wednesday.

The Supreme Court, on August 26, had directed former Unitech Group promoters, Sanjay Chandra and his brother Ajay Chandra, should be shifted from Delhi’s Tihar Jail to Arthur Road jail and Taloja jail in Mumbai. It had also slammed the Tihar jail authorities for allegedly colluding with the brothers to scuttle the ongoing probe against them and to “dissipate” their properties before the ED could seize them. The top court was angered after learning that Chandras were sending instructions from inside the jail and also allegedly threatened the witnesses.

In its report, the ED had claiming it has found a “secret underground office”, which was being operated by their father and Unitech founder Ramesh Chandra, and both his sons Sanjay and Ajay visited the office, when on parole or bail. The agency alleged that it was done in collusion with the Tihar Jail authorities. The top court observed that attempts were made by the brothers to undermine its jurisdiction.

Source: IANS

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Weekly Fundamental Market Outlook

Weekly Fundamental Market Outlook

Indian share market posted its first weekly gain in Jun by rising 2.7%.

This week, the Indian Stock Market rebounded strongly and ended with first weekly gain of 2.7% in June as a drop in commodity prices offered some relief from broadening inflationary pressures. Copper prices, which are often seen as a bellwether for economic output due to their wide range of industrial and construction uses, are heading for their worst week in a year, while oil prices have dropped over concerns of slumping demand.

While the US recessionary fears are still at the forefront, but the slide in commodity prices has lifted the mood of stock market.Cheaper oil is usually beneficial for oil-importing countries such as India.

Domestically, on sectorial basis, Auto and FMCG are the top gainers, while Metal index is the top losers. On stock basis, Hero MotoCorp, Eicher Motors, Hindustan Unilever, Maruti Suzuki and M&M were the top gainers and Tata steel, UPL, Reliance Industries, hindalco Inds and Coal India were the top losers.

In the next week, investors will keep a close eye on crude oil price movement, commodity prices, US economic activity and the geopolitical development.

 

Post Disclaimer by BhaskarLive.in

The information contained in this post is source form the news agency or PR agency. We do not take any responsibility of accuracy of information. We have not made any modification or changes in original source content. This information only for general information purposes only. The information is provided by BhaskarLive.in and while we Endeavour to keep the information up to date and correct, we make no representations or warranties of any kind, express or implied, about the completeness, accuracy, reliability, suitability or availability with respect to the website or the information, products, services, or related graphics contained on the post for any purpose.

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