Prabhakar Singh Appointed As Government’s New Nominee Director On Unitech’s Board
Crisis-hit Unitech Ltd. on Monday said Prabhakar Singh has been appointed as government's nominee director on the company's board.
"Prabhakar Singh is appointed as nominee director of the central government on the board of directors of Unitech Ltd., with immediate effect," the company said in a regulatory filing.
Earlier, Singh was former director general of Central Public Works Department.
Yudvir Singh Malik, a Haryana-cadre IAS officer, has been appointed as the chairman and managing director of the company as per the court order. There are seven other members on the board.
Earlier, Housing Development Finance Corporation Ltd. Managing Director Renu Sud Karnad, Hiranandani group MD Niranjan Hiranandani, Embassy group Chairman and MD Jitu Virwani, NBCC (India) Ltd.'s former CMD AK Mittal, former IDBI Bank Ltd. MD and CEO B Sriram, and Girish Kumar Ahuja (independent director of State Bank of India) have been appointed as government's nominee directors on the board.
The company's board has been superseded by the central government on the Supreme Court's direction.
Last month, the Supreme Court allowed the Centre to take total management control of the embattled realty firm and appoint a new board of nominee directors. The decision would bring respite to over 12,000 hassled homebuyers of Unitech.
The top court had directed that the existing board of directors of the company would stand superseded. It had refused to appoint Unitech Group founder Ramesh Chandra, as a member of the new board.
The new board has been asked to come out with a resolution framework within two months.
Chandra's sons, Ajay Chandra and Sanjay Chandra, are in jail after the company defaulted on giving possession of flats to its homebuyers on time. Both were serving as managing directors of the company before the board was superseded.