SC approves directors on the Unitech board

The Supreme Court has approved the takeover of real-estate firm Unitech by the Centre. With this, as reported, the government’s proposal to appoint the new board has also been approved.

Confirmed to be one of its nominees and a director on the property developer’s board, Dr Niranjan Hiranandani, Managing Director, Hiranandani Group & National President, NAREDCO & ASSOCHAM, says, “As an industry patron, I look up to this important responsibility as a public service in a positive light to attempt and assure resolving the issues of numerous stranded homebuyers. According to me, the key to success lies in hitting the ground running by quickly evaluating viable projects that are net-worth positive and submitting the resolution plan to the Supreme Court and start the ball rolling initially. 

A sabbatical of two months for staying all ongoing cases is a good move by the Court as this would help us focus on the real problem of the company rather than overseeing legal issues.”

He further adds, “There is a possibility of at least 50-60 per cent of Unitech’s projects ultimately being net-worth positive, so there is a good opportunity to start these projects early. However, we may seek some help from the stress fund of the SBI to take care of funding for the interim period. Further, dovetails will depend on the board meeting to decide the way forward.”

It is reportedly known that seven nominated directors have been approved by the Supreme Court. In addition to Hiranandani, reports include Renu Sud Karnad from HDFC, Jitu Virwani from Embassy Group, and state-run NBCC’s former chairman and managing director Anoop Kumar Mittal. Reports also indicate that Yudvir Singh Malik, who retired as secretary, Ministry of Road Transport & Highways, and also worked as chairman of the National Highways Authority of India, will be chairman and managing director of the newly formed board of Unitech. 

Further, as reported, Girish Kumar Ahuja, Central Government nominee director, State Bank of India, and B Sriram, former managing director & CEO of IDBI Bank, are two other directors approved by the Court. Sriram is former managing director of SBI and is currently a part-time member of the Insolvency and Bankruptcy Board of India. 

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