Link to Unitech Blog:-
Unitech Ltd- CMP 1.3- Will it rise from the Ashes? https://strategicalpha.blog/2019/05/13/unitech-ltd-cmp-1-3-will-it-rise-from-the-ashes/
In a relief to Unitech home buyers, Govt has finally decided to take over Unitech.
Since the time of Satyam computers, this is the first big major central government intervention in the rescue of public limited companies.
New Unitech Board chairman:-
Yudhvir Singh Malik, Secretary in the Ministry of Road Transport and Highways, belongs to the 1983 batch of Haryana cadre. He has held many important positions in the Centre and in the State over the past three decades.
It said the court while ensuring a period of calm should direct a moratorium for 12 months. For the proposed board, the government also suggested the name of retired Haryana cadre IAS officer Yudvir Singh Malik, as chairman and managing director of the board and names of members including A K Mittal, ex-CMD of National Buildings Construction Corporation (NBCC), Renu Sud Karnad, Chairman of HDFC Credila Finance Service Pvt Ltd, Jitu Virwani, CMD of Embassy Group, Niranjan Hiranandani, MD of Mumbai-based Hiranandani Group. It said the court may appoint a retired judge of the Supreme Court for supervising the resolution framework finalized by the proposed board of directors.
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