The Supreme Court has declined to grant bail to Unitech promoters Sanjay Chandra and Ajay Chandra, because they didn’t deposit Rs 750 crore as had been directed by a three-judge bench of the court in October 2017.
The bench, comprising Justices DY Chandrachud and Mr Shah, additionally directed Sanjay Chandra – he was granted interim bail mutually of his oldsters was affected by COVID and had been hospitalised – to surrender instantly.
The bench additionally asked the Delhi Police to analyze all aspects of illegalities, together with siphoning off funds by the Chandras, as noted by , Auditor Grant Thorton.
The ASG has additionally been directed to file a separate comprehensive testimony giving details of the steps being taken by the investigatory agencies vis-a-vis the forensic report.
In April 2017 Unitech’s 2 MD’s – Sanjay Chandra and Ajay Chandra – were in remission for allegedly cheating consumers and siphoning off clients’ cash to foreign accounts. Unitech did not complete housing works in Noida and Gurugram within the capital Region and didn’t refund the cash to consumers together with interest.
In October 2017, the Supreme Court had ordered that Chandras are entitled to bail upon deposit of Rs 750 crore with the court registry.
However, since the condition wasn’t complied with, they continuing to stay in jail. the highest court had in, January 2019, rejected their bail plea for a similar reason.