The Supreme Court docket on Monday (August 17) permitted the appointment of retired IAS officer Giridhar Aramane because the Chairman and Managing Director (CMD) of actual property firm Unitech Restricted, following the top of the tenure of former CMD Yudhvir Singh Malik.
A bench of Justice JB Pardiwala and Justice KV Viswanathan took word of the Ministry of Company Affairs’ utility searching for approval for the appointment of Aramane, a 1988-batch IAS officer, as the brand new Chairman and Managing Director on the board of Unitech.
“We take discover of the truth that the tenure of Mr. Yudhveer Singh Malik, former chairman and managing director on board of Unitech Ltd., has come to an finish. Got here to an finish on twentieth of July 2026. The Ministry has now appointed Shri Giridhar Aromane, IAS, RETD, retired, 1988 batch, to operate as chairman and managing director on the board of Unitech Ltd. We approve the appointment of Mr. Giridhar Aromane because the chairman and managing director on the board of Unitech Ltd.”, the Court docket stated.
The brand new CMD’s appointment ordered by the Court docket is a part of the Court docket’s steady oversight over the affairs of the financially distressed Unitech group, together with implementation of the decision framework, administration of its numerous entities and efforts to handle the claims of homebuyers and different stakeholders.
The event comes in opposition to the backdrop of hundreds of distressed homebuyers demanding pressing motion to finish stalled initiatives. Homebuyers associations representing hundreds of property consumers have expressed grave concern over the shortage of funds with the Unitech Ltd. to finish stalled initiatives and demanded that the unsold property of the realty agency ought to be auctioned to expedite building works.
The Court docket is repeatedly monitoring the fund-ridden Unitech matter, the place in vide order dated May 27, 2026, the Court docket appointed Worth Waterhouse Coopers (PwC) as an impartial company to look at proposals for valuing and monetising Unitech’s property. The Court docket has additionally directed that each one requisite permissions ought to be granted by state growth authorities like Noida, Larger Noida, and the city and nation planning division of Haryana.
Throughout yesterday’s listening to, the Court docket, upon being knowledgeable {that a} report from PwC is awaited, stated that it will take into account the pending points in regards to the decision of the Unitech group after receiving a report from PricewaterhouseCoopers (PwC), which is analyzing elements related to the implementation of the decision framework.
The Court docket indicated that the PwC report is anticipated to offer related monetary and operational inputs earlier than the Court docket takes additional choices on the pending purposes and the way wherein excellent claims are to be handled.
Trigger Title: BHUPINDER SINGH VS. UNITECH LTD.
