Prabhakar Singh appointed as the new government-appointed director on the board of Unitech, Real Estate News, ET RealEstate | Tech Reddy

NEW DELHI: Crisis-hit Unitech Ltd on Monday said Prabhakar Singh has been appointed as a government-appointed director on the company’s board. “Prabhakar Singh has been appointed as a central government nominee director on the board of directors of Unitech Ltd, with immediate effect,” the company said in a regulatory filing.

Earlier, Singh was former director general of CPWD.

Yudvir Singh Malik, a Haryana-cadre IAS officer, has been appointed as the company’s chairman and managing director as per the court order. There are seven other members on the board.

First, HDFC MD Renu Sud Karnad, Hiranandani group MD Niranjan Hiranandani, Embassy group CMD Jitu Virwani, former CMD AK Mittal of NBCC, B Sriram (former MD and CEO of IDBI Bank), and Girish Kumar Ahuja (independent director of SBI) are were appointed as directors appointed by the government in the council.

The board of the company was replaced by the central government on the direction of the Supreme Court.

Last month, the Supreme Court allowed the Center to take full control of the management of the struggling real estate firm and appoint a new board of nominated directors. The decision would give respite to more than 12,000 Unitech home buyers.

The apex court had ordered the company’s existing board of directors to be replaced. It had refused to appoint Unitech Group founder Ramesh Chandra, as a member of the new board.

The new council was asked to come up with a resolution framework within two months.

Chandra’s sons, Ajay Chandra and Sanjay Chandra, are in jail after the company failed to give possession of flats to its buyers on time. Both served as directors of the company before the board was replaced.