Shapoorji Pallonji keen to buy Unitech Power

10 Apr 2018

Mumbai-based construction  and infrastructure major Shapoorji Pallonji has shown interest in buying Unitech Power Transmission, one of the companies of embattled Unitech Ltd, for Rs110 crore, the company informed the Supreme Court through its counsel on Monday.
The apex court ordered it to deposit the amount before 11 May with its registry.
Unitech through its counsel Abhinav Agrawal also informed the court that a developer is interested in buying 11 acres of its land in Bengaluru for Rs40 crore and is ready to deposit the amount by 11 May,  reports The Economic Times.
In another case, SC has asked NCDRC not to disburse an amount it had collected from Unitech. The company owed Rs34 crore to the Gurugram authority which NCDRC directed it to pay. The apex court said that it may ask the amount to be transferred to the SC's registry.
Amicus Curiae Pawan Shree Agarwal has been allowed to close the Unitech portal from 12 April.
Pioneer Urban Land and Infrastructure, a co-developer of Unitech projects, deposited Rs10 crore and sought extension of time to pay the rest of the amount.
In a previous hearing held on 5 March Pioneer had stated that in the collaboration agreement with Unitech they had a 40 per cent share while a number of execution orders have been passed by the NCDRC against them to pay up the complete amount, which is not fair.
The court had then directed the co-developer to deposit Rs30 crore by March and Rs10 crore by mid-April while staying the executive orders by NCDRC.
Unitech also requested SC to take action on a writ petition filed by them in the Hyderabad High Court against Telangana Industrial Corporation regarding return of money in respect of allotment of a land parcel worth Rs500 crore.
The allotment of land was never made though the amount was paid. "Hence we filed a writ petition in Hyderabad HC for the return of the amount," said Agrawal.
SC directed Unitech to serve a copy of the papers pertaining to same to the standing counsel of Telangana.
The case will next be heard on 2 May.

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