Unitech Limited Appoints New Auditors and Reports Q1 Financial Results
Unitech Group held a board meeting on August 13, appointing M/s Pant S. & Associates as Cost Auditors and CS Kiran Amarpuri as Secretarial Auditor. The company reported a consolidated net loss of Rs. 73,866.02 lakhs for Q1 ended June 30. Unitech faces significant financial hurdles, including delays in payment of dues totaling Rs. 10,30,399.91 lakhs. The management, under Supreme Court supervision, has submitted a Resolution Framework seeking concessions to fulfill obligations. Auditors expressed concerns about the company's going concern status.
21Mar 25
Unitech Founder Ramesh Chandra Granted Bail in Money Laundering Case
The Delhi High Court has granted bail to 88-year-old Ramesh Chandra, founder of Unitech Ltd., in a money laundering case. Chandra, arrested by the Enforcement Directorate in October 2021, had been on interim bail since 2022 due to medical reasons. The court's decision considered his advanced age. This development is part of ongoing legal proceedings against Unitech, which has faced allegations of fraud and mismanagement of funds.
11Mar 25
Unitech Completes Sale of Wholly-Owned Subsidiary Unitech Power Transmission for ₹50.89 Crore
Unitech Limited has sold its wholly-owned subsidiary, Unitech Power Transmission Limited (UPTL), to M/s Auro Infra Private Limited for ₹50.89 crore. The transaction, approved by the Supreme Court, was completed on March 11, 2025. UPTL contributed 9.38% to Unitech's consolidated income and 1.51% to its net worth in FY 2023-24. This divestment aligns with Unitech's strategy to focus on its core real estate business.