|Bid||6.55 x 0|
|Ask||0.00 x 0|
|Day's Range||6.45 - 6.80|
|52 Week Range||3.85 - 9.85|
|PE Ratio (TTM)||N/A|
|Forward Dividend & Yield||N/A (N/A)|
|1y Target Est||N/A|
India's Supreme Court halted on Wednesday a government takeover of the management of realty firm Unitech Ltd, while it was dealing with dozens of petitions over the company's failure to deliver apartments and honour its deposits. The National Company Law Tribunal (NCLT), which deals with insolvency and company disputes, last week allowed the government to name new directors on the board of the debt-ridden firm, a rare intervention that the government said was meant to protect the public interest. Unitech's shares that had shot up last week on hopes that a new management would help resolve the firm's problems fell as much as 17 percent on Wednesday on the Supreme Court decision.
An Indian court on Friday allowed the government to take over management control of the debt-laden property developer Unitech Ltd, a rare intervention that the government said was to protect the public interest. A government lawyer said it wanted to prevent Unitech becoming insolvent and protect 19,000 home buyers who have yet to be handed apartments they had bought. The government sought permission from the National Company Law Tribunal (NCLT) to appoint new directors to the board of Unitech, citing mismanagement and siphoning of funds.