Sanjay Chandra

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Sanjay Chandra
Sanjay-Chandra.jpg
NationalityIndian
EducationGraphic Era University

Sanjay Chandra is the former Managing Director of Unitech Ltd, India's second-largest real estate investment company. He is in jail for a Unitech fraud case of Rs 20,000 crore. He was temporarily released in August 2020 for 15 days because his parents were hospitalized due to COVID-19 complications, and also to attend the last rites of his father-in-law.[1] He is also on the board of Unitech Wireless.[2]

Early life and education[edit]

After attending Modern School in Vasant Vihar, New Delhi, Sanjay studied business management at the University of Massachusetts and received his MBA in finance from Graphic Era University, Dehradun.[3]

Career[edit]

Chandra founded Ikon Clothing Inc. in 1996 and was President until 2001, when he returned to India. Upon returning, Chandra joined Unitech Ltd. as the Head of Sales and Marketing. In 2004, he was promoted to the position of Director.[3]

Chandra was the key plenary in the real estate and infrastructure conference India GRI in 2007 for the Total Real Estate Discussion and appeared on the Expert Panel for India Retail Forum in 2005. He also chaired the India Advisory Board at the Second Annual ICSC Shopping Centre and Retail Conference in Mumbai in 2005 and gave the keynote address at the - 6th Annual Global Investor Conference, Mumbai, India in August 2010.[4]

Chandra has received the 3rd Construction World Builders Awards from the Architect Leadership Council [5] and was placed on the list of Young Global Leaders (YGL) by the World Economic Forum in Geneva in 2011.

Legal proceedings[edit]

In his capacity as Director of Unitech, Sanjay Chandra was accused as a part of the 2G spectrum case. He is one of the industry leaders convicted of colluding with politicians such as A. Raja, then minister for communications & IT, to lower prices in the 2010 Indian cellular telephone frequency allocation auctions. The Supreme Court of India ruled that A. Raja "wanted to favor some companies at the cost of the public exchequer" and "virtually gifted away the important national asset."[6]

Chandra was arrested in April 2011[7] and released on bail on November 23rd, 2011.[8] In July 2013, the Central Bureau of Investigation (CBI) moved the Supreme Court to cancel his bail, alleging that he had attempted to "sabotage the trial."[9] Legal proceedings are ongoing.

There are also several legal proceedings against Unitech by customers and the Haryana Government. The Hon'ble Supreme Court has directed monies paid for a delayed project to be refunded to buyers.[10][11] Sanjay Chandra was arrested concerning a money laundering case by the Economic Offences Wing of the Delhi Police.

Custodial interrogation of former Unitech promoters Sanjay and Ajay Chandra is needed as "volumes of evidence have been found against them," the Enforcement Directorate told the Supreme Court today. It is necessary to bring the Chandra brothers to Delhi and confront them with the evidence, the agency told the court. The top court will hear the matter again on November 23.[12]

References[edit]

  1. ↑ "QIPs: The new mantra for realty sector". The Economic Times. 2 September 2009. Retrieved 18 October 2019.
  2. ↑ Chandra, Sanjay. "Chandra, Sanjay". Occupation. Reuters. Archived from the original on 1 February 2013. Retrieved 27 July 2012.
  3. ↑ 3.0 3.1 Chandra, Sanjay. "Education". Bloomberg Businessweek. Retrieved 27 July 2012.
  4. ↑ Motilal Oswal Archived 2010-03-16 at the Wayback Machine
  5. ↑ Green Architect Leadership Council
  6. ↑ "2G verdict: A Raja 'virtually gifted away important national asset', says Supreme Court". The Times of India. 2 February 2012. Archived from the original on 29 October 2013.
  7. ↑ Today, Business (20 April 2011). "'2G scam: Swan, ADAG, Unitech executives arrested, taken to Tihar'". Business Today. Retrieved 24 July 2013. {{cite news}}: |first= has generic name (help)
  8. ↑ Times of, India (23 November 2011). "'2G case: Corporate honchos get bail, Kani's plea comes up today'". The Times of India. Archived from the original on 3 January 2013. Retrieved 6 August 2013.
  9. ↑ Times of, India (3 July 2013). "'Sanjay Chandra stories'". The Times of India. Retrieved 24 July 2013.
  10. ↑ http://economictimes.indiatimes.com/news/politics-and-nation/haryana-government-may-take-action-against-unitech-as-panel-points-to-impending-failure/articleshow/56430612.cms
  11. ↑ http://www.livemint.com/Companies/Ae934s5L17ozbmXieZOMxM/Supreme-Court-directs-refund-of-Rs2-crore-deposited-by-Unite.html
  12. ↑ "Probe Agency Wants Unitech Ex-Owners In Delhi, Says Fresh Evidence Found". NDTV.com. Retrieved 22 November 2021.
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