EconomyThe Supreme Court warned the directors of Supertech company to return investors'...

The Supreme Court warned the directors of Supertech company to return investors’ money or they would jail them. Read about the decision here.

During the hearing of Supertech’s Twin Towers case in Noida, the Supreme Court strongly reprimanded the company and threatened to send the directors to jail for their non-compliance. According to the court order, the company must return the money by Monday to the home buyers.
The Supreme Court on Wednesday criticized Supertech and threatened to send the company’s directors to jail for not complying with the order during the hearing of the Twin Towers case in Noida. The court ordered the company to refund the money by Monday as specified in the order. One pretext or another is being used to ignore the order of the court. This will have consequences.

The court asked the Noida Authority to file additional documents and provide the latest status on the demolition of the 40-storey twin towers. Another hearing is scheduled for Monday. A number of buyers have filed contempt petitions against Supertech for not returning the money and paying less. Hearings on the matter were conducted by Justices DY Chandrachud and AS Bopanna on Wednesday. During the hearing, the court explained what was happening to Supertech’s lawyer. Directors of your company will go to jail.
The buyers’ lawyers reported that they were first called to collect the money, then told that the money would be given in installments. The money isn’t being given in accordance with the court’s order. Justice Chandrachud responded, we see that you are trying to ignore the court’s order. The court said orally that you had to return the money by Monday, otherwise dire consequences would follow.

A lawyer for the Noida Authority told the court that Supertech had previously mentioned an agency in the case of demolition of twin towers. The authority submitted the case to the Central Building Research Institute for approval. After this, Supertech sent a proposal to another agency, which caused a delay in completing the contract. Supertech’s lawyer said that the Noida Authority can hire either agency for demolition work. As a result, the court, upon instruction from the Noida Authority, ordered the matter to be heard on January 17.

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