SC refuses bail to Unitech's Sanjay Chandra

New Delhi, Oct 23 : The Supreme Court on Monday refused to entertain a bail plea by Unitech's Sanjay Chandra and asked the real estate major to deposit Rs 1,000 crore to prove its bona fides.

Refusing the bail plea, a bench of Chief Justice Dipak Misra, Justice A.M. Khanwilkar and Justice D.Y. Chandrachud suggested that partially completed flats of the real estate major in its 64 projects across the country be auctioned.

The suggestion came after senior counsel Ranjit Kumar told the court that the company could sell these flats to raise money to refund the aggrieved flat buyers.

At the outset of the hearing, amicus curiae Pawanshri Agrawal told the court that Rs 1,865 crore was needed to pay the flat buyers who want refunds.

Ranjit Kumar, appearing for Unitech Limited, urged that Chandra be granted bail for four to five weeks, adding that he would, during this period, submit plans for raising the refund money.

He argued that Chandra cannot raise the money required both for refunds and completing the ongoing projects without coming out of jail.

He also urged the court to impose any stringent condition for his release.

Assuring that the Unitech top honcho wanted to pay everyone seeking a refund, his counsel sought appointment of a committee of judges to monitor refunds and handing over of flats who opted for the same.

Chandra and his brother Ajay were arrested in April after investors, who did not get flats in the company projects as promised, filed complaints of cheating against them.

They were sent in judicial custody after the trial court refused to extend the three- month interim bail granted to them in April.

The Delhi High Court too refused to extend the interim bail that ended on August 10.