Securities and Exchanges Board India F India (SEBI), NSE and BSE have agreed to forgive the penalty and penalties imposed on Unitech for the non-completion of inheritance from their previous management, said the government-appointed Real Estate Developer Board.

Two leading stock exchanges have also decided to eliminate its securities trade restrictions. The BSE has suggested that Unitech Limited’s securities will be actively moved from BET Qatber to Bet Category from the Black Listed/Restricted Z Category to BET Category, while the NSE has decided to transfer the company to the default lt segment from the banned BZ series.

“After the new management has moved on, shareholders have been concerned about the trade of unitech stocks in the Z category for all these years,” said Uudhvir Singh Malik, president and managing director of the Unitech, said. “Some stock exchanges have been raising the issue of listing fees.”

The board -appointed board of Unitech has been regularly paying the list fee to both exchanges.

Retired IAS Fisar Malik said, “We have inherited the non-completion of the previous management and the movement of the company’s script from the Z category to the B category, with India’s National Stock Exchange and the Bombay Stock Exchange, the issue of penalties and penalties.”

BSE and NSE, due to such non-completeness, were fined and fined, respectively, Rs. 3.3 crore and Rs. It was 3.5 crores.

The Supreme Court approved the nomination of seven directors after the government took over the government in January 2020.

Unitech Homebuers faced delays in various places due to the inability to complete the builder’s projects due to financial constraints and other implementation issues.

According to the findings of the forensic Audit Dit report submitted to the top court, the funds were siphoned by the Unitech promoters, and the amount collected from homebuers of the company’s 74 projects was used in unrelated enterprises.

The new management has resumed work in most stuck projects.