The two leading stock exchanges have also decided to remove restrictions of the trading of its securities. BSE has notified that the securities of Unitech Ltd will be moved from the blacklisted/restricted Z category to the B category for actively traded stocks from October 7, while NSE has decided to transfer the company from the restricted BZ series to the default segment of EQ series.
“Shareholders have been voicing concerns regarding the trading of Unitech shares in the Z category as against the B category for all these years since the new management stepped in,” Unitech chairman and managing director Yudhvir Singh Malik said. “Some have been raising the issue of payment of listing fees to both the stock exchanges.”
The government-appointed board of Unitech has been regular in paying the listing fees to both the exchanges.
“We have been consistently taking up the issue of waiver of fines and penalties levied on account of non-compliances inherited from the erstwhile management, and the movement of the company’s scrip from the Z category to the B category, with Sebi, the National Stock Exchange of India and the Bombay Stock Exchange,” said Malik, a retired IAS officer.
The fines and penalties levied on account of such non-compliances by BSE and NSE were Rs 3.3 crore and Rs 3.5 crore, respectively.The Supreme Court in January 2020 approved the nomination of seven directors to the company board after the government took over the troubled developer.Unitech homebuyers had been facing delays at various locations due to the builder’s inability to complete projects because of financial constraints and other implementation issues.
According to the findings of the forensic audit report submitted to the top court, funds were siphoned by Unitech promoters, and the sums collected from homebuyers of the company’s 74 projects were used in unrelated ventures.
The new management has resumed work at most of the stalled projects.
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