India invokes rarely-used measure to gain control of embattled developer Unitech Ltd
Government's petition hinges on allegations of fund diversion adversely affecting public interest
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New Delhi
INDIA'S bankruptcy court allowed the government to appoint new management for real estate giant Unitech Ltd in a rare move, as the corporate affairs ministry sought to take control of the embattled company.
The National Company Law Tribunal agreed on Friday to the government's plea and issued notices to Unitech's existing directors, who are now restrained from acting as board members. The two-member bench said that the government can appoint 10 nominee directors, whose names it will examine on Dec 20.
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