Court dismisses Unitech MD’s bail

Unitech made Rs 2,342 crore in profit by offloading shares to Norway-based company Telenor after getting the UAS licenses at a throw-away price, the Delhi High Court on Monday said while dismissing the bail plea of Unitech MD Sanjay Chandra. “The enterprise value of Unitech Group of Companies was pegged at Rs 4,400 crore, of which Rs 1,146.7 crore was shown as external debt and Rs 773 crore was shareholders” loan and net equity worth of promoters as against the actual investment of Rs 138 crore was treated as Rs 2,480 crore.”
“Thus, with the grant of Letter of Intents (LoIs), the promoters of the Unitech Group of Companies got monetary gain of Rs 2,342 crore,” justice Ajit Bharihoke, referring to the charge sheet, said.
Chandra and his company Unitech entered into a criminal conspiracy with former telecom minister A Raja and other DoT official to get UAS licenses by manipulating the first-come-first-served policy. The then private secretary of Raja had taken “undue” interest in ensuring that no other applications are accepted by the DoT after the Unitech applies for the same, the court said.