Yudvir Singh Malik appointed as CMD of Unitech

Retired IAS Officer Yudvir Singh Malik has been recently appointed as the Chairman and Managing director (CMD) of crisis-hit realty firm Unitech as per the terms of the order of the Supreme Court of India. He assumed office on Tuesday, January 21, 2020.

A few days back, the Supreme Court directed the Centre to take total management control of Unitech and appoint a new board of nominee directors and also refused to appoint Ramesh Chandra (Unitech group founder) as a member of the new board. As per the directions, the Centre has replaced the board of the realty firm and asked the new board to come out with a resolution framework within two months. To over 12,000 hassled home buyers of Unitech, the latest developments will bring respite as the firm was reported of allegedly using flat buyer’s money and default the delivery of flats. After assuming office on Tuesday,  Yudvir Singh Malik had a brief meeting with the company secretary and the chief financial officer of the company.

Month: Current Affairs - January, 2020