Unitech’s promoters are vacationing in Tihar
Brief: from 2nd biggest to a jail term
Brief: from 2nd biggest to a jail term
Promoters Sanjay Chandra and Ramesh Chandra went to jail for not delivering the flats.
Earlier they were booked in 2G scam. They had to sell their telecom company.
In 2010 Unitech was India’s 2nd biggest real estate developer. It was worth INR 16,929 ( DLF’s was INR 49,581 crore) . Within a month it’s worth came down to INR 1906 crore.
It hadn’t delivered flats to 19,000 buyers. It defaulted on payments worth INR 596 crore to small depositors. It also defaulted on debentures worth INR 251 crore.
Their debt stood at INR 6733 crore.
Where is the party now: Jail term becomes vacation
After brothers didn’t pay the bail amount, they are enjoying their stay in Tihar.
They have amassed mini fridge, imported chocolates, perfumes, separate office, mineral water and internet.
They also meet people freely and eat home made food.