Interim Bail Of Unitech MD Sanjay Chandra Extended By 45 Days By Delhi High Court

Sr. Adv. Mohit Mathur, appearing for Chandra submitted that his application had not been admitted by the Chief Metropolitan Magistrate and Additional Sessions Judge, even though it was noted in the order of the Chief Metropolitan Magistrate which first granted Chandra interim custody on 03.12.2020, that his health was at a risk of complications due to co-morbidities. Mathur submitted that Chandra's health continues to be "dismal".

The court said, "Considering the medical condition of the applicant, this court considers it apposite to allow the present application and extend the interim bail granted to the applicant till 21.01.2021 on the same terms and conditions as set out in the order dated 03.12.2020 passed by the Learned CMM."

In judicial custody since August 2017, Chandra along with his brother Ajay Chandra, faces allegations of siphoning off homebuyers' money.

A forensic audit ordered by the Supreme Court in 2017 of Unitech Ltd and its sister concerns and subsidiaries had found that out of nearly Rs 14, 270 crores received by Unitech from 29,800 homebuyers, mostly between 2006 and 2014, and around Rs 1,805 crore from six financial institutions for the construction of 74 projects, around Rs 5,063 crores from the former and around Rs 763 crore from the latter had not been utilized by the company for the proposed projects.

Total management and control of the firm have been taken over by the Central government earlier this year pursuant to an order of the Supreme Court.