Unitech shareholders reject dividend at AGM

Written by Press Trust of India | New Delhi | Updated: Sep 30 2011, 07:13am hrs
In an unusual development, the shareholders of realty major Unitech on Thursday rejected a management proposal for payment of dividend totalling about R30 crore for the fiscal 2010-11.

Shareholders did not approve the payment of dividend and the resolution for declaration of dividend on equity shares for the financial year ended March 31, 2011 rescinded, Unitech said in a filing to the BSE.

In May, the companys board had recommended a dividend of 10 paise per equity share of face value of R2 each for 2010-11 and the proposal was taken up for shareholders approval at their AGM held here on Thursday.

Chandra seeks bail on religious grounds

Unitech managing director Sanjay Chandra, arrested for his alleged role in the 2G scam, on Thursday moved the Supreme Court seeking interim bail to join his family in the festival season.

Chandra, lodged in Tihar jail since his arrest on April 20, pleaded to the court that in view of the delay in framing of charges by the trial court in the case, he should be granted interim bail till October 12 to perform religious ceremonies with the family. Appearing for Chandra, senior advocate Ram Jethmalani pleaded before a bench headed by Justice G S Singhvi to hear the matter urgently. The bench agreed to hear his plea on Friday at 2 pm.