SC declines Unitech MD's interim bail plea, for now

New Delhi: The Supreme Court on Friday declined, for now, the realty major Unitech's Managing Director Sanjay Chandra's interim bail plea.

The bench of Chief Justice Dipak Misra, Justice A.M. Khanwilkar and Justice D.Y.Chandrachud said that amicus curiae Pawan Shree Agrawal would create a portal having all the details on Unitech's projects including the home buyers who want the possession of the flats and those seeking the refund of their money.

Urging the court to grant interim bail, the lawyer for Sanjay Chandra said that they want to balance the interest of the flat buyers before the court with that of others. He said that 95 per cent of thee people want flats.

Agrawal told the court that of the nine projects examined by him, there were 4,000 flat buyers with an investment of Rs 1,800 crore and that Unitech, in all, has 74 projects.

The court directed the next hearing of the matter on September 21.

Chandra and his brother Ajay were arrested in April this year after investors who did not get their flats as promised filed complaints of cheating against them.

They were sent to judicial custody after the trial court refused to extend the three months interim bail granted to them in April.

The Delhi High Court too refused to extend the interim bail that came to an end on August 10.