SC: Untech deposit Rs 5 crore for delay in handing flats or face jail


New Delhi: The Supreme Court today directed real estate major Unitech Ltd to deposit an amount of Rs 5 crore in its Registry for failing to hand over apartments in Noida area in the national capital region to consumers which was to be given three years ago.

The country's top court has also warned the company Directors that failing to do so, they may face imprisonment. Unitech Group had failed to give possession to flat buyers in its Burgundy Society in Noida Sector 76.

The National Consumer Disputes Redressal Commission (NCDRC) had earlier directed Unitech to compensate the flat buyers. The share price of Unitech fell 1.5 percent intra-day on Friday.