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Shares of Unitech today settled with gains of nearly 11 per cent after the NCLT authorised the government to appoint its 10 nominees on the board of the realty firm.
During the day, the stock had surged 19.34 per cent to touch an intra-day high of Rs 8.70. The stock closed at Rs 8.06, up 10.56 per cent on the BSE.
Similar movement was seen on the NSE as well where the stock opened at Rs 8.40, then touched an intra-day high of Rs 8.70, and finally ended the day at Rs 8, up 9.59 per cent.
Today’s rally is the fourth consecutive one for the stock. On December 8, the Unitech scrip had jumped 20 per cent.
The National Company Law Tribunal (NCLT) had, on December 8, suspended all the eight directors of Unitech over allegations of mismanagement and siphoning of funds, while authorising the government to appoint its 10 nominees on the board.
Meanwhile, the Supreme Court today agreed to hear tomorrow the appeal of Unitech Ltd challenging the recent order of the National Company Law Tribunal (NCLT) directing the Central Government to take over the management of the embattled real estate firm.
NCLT invoked the provisions of the Companies Act and allowed the Central Government to take over Unitech and appoint its nominee directors on the company's board.
Senior advocate Ranjit Kumar, appearing for the company, said the entire firm has been taken over by the government and its appeal be heard on an urgent basis
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