Delhi Court Rejects Default Bail Plea of Unitech's Ex-Promoters in ED Case

19 Apr 2024 CW Team

A Delhi court has dismissed the default bail plea filed by the former promoters of Unitech Limited in a case pursued by the Enforcement Directorate (ED). This decision underscores the judicial scrutiny surrounding allegations of financial irregularities against the ex-promoters of the real estate company.

The rejection of the default bail plea indicates the court's stance on the gravity of the charges and the need for further investigation into the alleged financial misconduct. The case against the former promoters highlights the regulatory scrutiny faced by entities operating in the real estate sector.

Unitech Limited, once a prominent player in the Indian real estate market, has been embroiled in legal troubles stemming from allegations of financial mismanagement and non-compliance with regulatory norms. The court's decision to deny default bail reflects the seriousness with which such allegations are being addressed.

The legal proceedings against the former promoters of Unitech Limited underscore the importance of accountability and transparency in corporate governance. As regulatory authorities intensify their scrutiny of the real estate sector, stakeholders are expected to adhere to stringent compliance standards to maintain investor trust and uphold market integrity.

The court's ruling signifies a significant development in the ongoing legal saga surrounding Unitech Limited and its former promoters. It underscores the complexities of corporate governance and regulatory enforcement in the real estate industry, emphasising the need for robust mechanisms to address financial improprieties and protect stakeholders' interests.

Building Material

18 Sep 2025

Ambuja Cements Drags JSW Cement to Court Over ‘Kawach’ Brand

Ambuja Cements, part of the Adani Group, has filed a trademark infringement case against JSW Cement in the Delhi High Court, alleging that its rival copied the ‘Kawach’ brand with its new product ‘Jal Kavach’.Justice Manmeet Pritam Singh Arora issued summons to JSW Cement and its subsidiary, JSW IP Holdings Pvt Ltd, while referring the matter to mediation. Hearings are scheduled to resume on October 15 if no settlement is reached.Ambuja, which registered the ‘Kawach’ trademark in 2019, argues that the term ‘Kavach’—meaning shield—is the distinctive feature of its branding. ..

Bentley Systems Named Innovation Partner of the Year 2025 by Afcons

Bentley Systems, the infrastructure engineering software company, has been recognised by Afcons Infrastructure Limited as its Innovation Partner of the Year 2025 at the Innovation Partners 2025 Felicitation Ceremony in Mumbai. The award acknowledges Bentley’s contribution to Afcons’ engineering digitalisation journey through an enterprise agreement providing access to over 250 Bentley engineering software tools. This adoption has enabled Afcons to accelerate project delivery, standardise digital workflows, and strengthen innovation across its infrastructure portfolio. Among key i..

SBI Sells 13.18% Stake in Yes Bank to Japan’s SMBC

State Bank of India (SBI) has completed the sale of a 13.18 per cent stake in Yes Bank to Japan’s Sumitomo Mitsui Banking Corporation (SMBC) for over Rs 8,889 crore. The divestment is part of a Rs 13,482 crore deal finalised in May with SMBC and seven private banks.Following the transaction, SBI’s shareholding in Yes Bank stands at 10.8 per cent. The deal, involving 4,134.4 million shares at Rs 21.50 each, is the largest cross-border transaction in the Indian banking sector.SBI Chairman C S Setty described the 2020 RBI-led rescue of Yes Bank as a pioneering public-private partnership, addi..