SC allows ex-Unitech promoters Sanjay, Ajay Chandra to apply for bail

New Delhi, April 12 (IANS) The Supreme Court on Wednesday directed the ex-Unitech promoters Sanjay Chandra and Ajay Chandra, currently lodged in two separate jails in Mumbai on the top court's direction for allegedly swindling home buyers' money, to move it for bail or any other appropriate directions.

In March 2021, the apex court had stayed the Chief Metropolitan Magistrate's order and directed the two to surrender to Tihar jail authorities on or before March 22, 2021.

On Wednesday, a bench headed by Chief Justice of India D.Y. Chandrachud set aside the CMM's order passed on January 13, 2021, granting bail to the Chandras. The bench, also comprising Justice M.R. Shah, said the CMM's order was unsustainable and patently in error.

Senior advocate Siddharth Dave, representing the Chandras, submitted that his clients have now served more than five years in custody for the offences alleged against them.

The bench said: "The accused have subsequently surrendered. Liberty is granted to them to move this court in the event that they seek to apply for bail or for appropriate directions."

Seeking bail for Chandras, Dave contended that they have even fulfilled the condition laid down by the apex court for depositing Rs 750 crore in its registry. In October 2017, the top court had asked the Chandras to deposit Rs 750 crore as a precondition for grant of bail.

However, the bench said Rs 750 crore deposit was argued earlier also but it was rejected by the court. It added that there was a breach in adhering to the time line indicated by the court and the amount deposited was the result of monetisation of the assets of Unitech Limited under the court-appointed committee.

Dave submitted that his clients cannot be denied bail infinitely and some recourse has to be there, and stressed that they have served more than five years and seven months in custody.

Several cases have been lodged by Delhi police, CBI, and ED against the former Unitech promoters and other officials of the company.