SME Times News Bureau | 18 Nov, 2015
A day after a magisterial court issued non-bailable warrants against Unitech Ltd.'s managing directors Sanjay Chandra and Ajay Chandra in a misappropriation of funds case, the sessions court stayed it here on Tuesday.
Additional Chief Metropolitan Magistrate Priya Mahendra on Monday issued non-bailable warrants (NBW) against both accused of the real estate company after the investigating officer of the case moved an application seeking a warrant against them.
The officer apprised the court that both were not joining investigation despite several notices served on them.
"Sanjay and Ajay Chandra have moved sessions court against the magisterial court order. The sessions judge on Tuesday put a stay on the magisterial court order till its further order," defence counsel Vijay Aggarwal said.
The court was hearing a case of cheating and misappropriation of funds by the company and other accused, where it was alleged that Unitech Ltd. launched a housing complex project in Gurgaon's Sector 70.
As per the agreement entered between the parties in 2011, the project was to be completed by 2014 and the possession handed over to the buyers.
It was submitted by the investors that the accused collected around Rs.500 crore from the investors/complainants as well as banks and not even a single penny of the amount was utilised towards the fulfilment of the contractual obligation.
