December 04, 2016 is U Day For Unitech & Its Buyers in Scheme of Compromise & Arrangement

Based on our conversations with over 60 buyers who responded to our emails/sms, we believe that if voting was to be held today Unitech would easily be able to manage this voting to its benefit. People are disconnected, and only buyers in a few projects are trying to work at the level of the RWA. The legal appeals of the High Court order by Honble Justice Misra are not coordinated.

Buyers of all Unitech projects are in the same boat, because it has not been specified that the total vote tally is going to be based on people who attend in all 4 cities, or people of each city have to pass it, or people in each project have to pass it ... Everything has been lumped into one basket which is unfair to the buyers ...

There are are total of 5732 buyers from listed projects in Gurgaon meeting of total listed 13,337 buyers in four cities, and there might be more as some projects where possession has not yet been handed over but are not in the list; For example, in Escape project possession has not yet been handed over in Towers 7 & 8, and similarly no possession offered in many towers of Fresco.

There are 5732 buyers for Gurgaon meeting, and 5717 for Noida meeting - out of a total of 13,337 listed in the Order.
There are 5732 buyers for Gurgaon meeting, and 5717 for Noida meeting - out of a total of 13,337 listed in the Order.
The total number of buyers in listed projects of 4 cities is 13,3337 of which 5732 are in Gurgaon, 5717 in Noida, 1069 in Chennai and 819 in Mohali. 

Of the 5732 eligible Unitech Property Buyers in Gurgaon, will 3000 show up, or 2000, or 1000? Or, will around 300 buyers (of which only a 75% vote is needed so 225 people should suffice) decide the show. From the explanation provided by Unitech it is not clear ...

Will even 3000 of eligible buyers show up for voting?
Will even 3000 of eligible buyers show up for voting?
Will only 2000 people show up?
Will only 2000 people show up?
Will only a 1000 people show up?
Will only a 1000 people show up?
Or, will around 300 buyers decide the fate of 13,337 buyers overall ... Of, the 300 only 151 are to vote yes for Unitech to win ....
Or, will around 300 buyers decide the fate of 13,337 buyers overall ... Of, the 300 only 151 are to vote yes for Unitech to win ....
Interestingly, most of the buyers who have joined hands with Unitech in crafting this Scheme of Compromise & Arrangement are from Gurgaon projects.

Nine of eleven applicants, including Mr namit Malhotra for whom the case is named, will be present in the Gurgaon meeting for Unitech's Scheme of Compromise & Arrangement.
Nine of eleven applicants, including Mr namit Malhotra for whom the case is named, will be present in the Gurgaon meeting for Unitech's Scheme of Compromise & Arrangement.
The December 04, 2016 meeting in Gurgaon shall be held for the projects listed below. A pie chart break-up of the number of buyers without possession in various Gurgaon projects is as follows: 

 

The Unitech projects with maximum number of aggrieved buyers are Residences (968), Vistas (1265), South Park (711), Sunbreeze (685), and Anthea Floors (544).
The Unitech projects with maximum number of aggrieved buyers are Residences (968), Vistas (1265), South Park (711), Sunbreeze (685), and Anthea Floors (544).
Alder Grove - Total Units 239 - Awaiting Possession - 239

Anthea Floor - Total Units 544 - Awaiting Possession - 544

Crest View - Total Units 377 - Awaiting Possession - 377

Espace Premier - Total Units 82 - Awaiting Possession - 82

Exquisite - Total Units 226 - Awaiting Possession - 226

Nirvana Plots - - Total Units 5 - Awaiting Possession - 5

Residences - Total Units 1338 - Awaiting Possession - 968

Uniworld Resorts Plot  - Total Units 182 - Awaiting Possession - 171

Uniworld Resorts Villas  - Total Units 100 - Awaiting Possession - 99

Sunbreeze  - Total Units 685 - Awaiting Possession - 685

The Willows Plots  - Total Units 12 - Awaiting Possession - 12

South Park  - Total Units 711 - Awaiting Possession - 711

Vistas  - Total Units 1265 - Awaiting Possession - 1265

The Spruce  - Total Units 55 - Awaiting Possession - 55

Ananda (Rewari)  - Total Units 49 - Awaiting Possession - 49

Unihomes (Rewari)  - Total Units 244 - Awaiting Possession - 244

Possibly the following may also be eligible if buyers have still not gotten possession

Escape - Towers 7 & 8.

Fresco - Incomplete Towers

Independent Floors that were launched in South City 2 - Incomplete Floors

Garden II - 

Woodstock Floors - 

The One ?? (Was this ever sold; construction was going on in front of Sunbreeze.)

 

A part of the High Court Order on the Scheme of Compromise & Arrangement states that

"The home buyers who have booked/purchased the flats/units in the Respondent Company (location of the projects being in or around Gurgaon or Rewari); but their projects are not shown in the aforesaid list, are also entitled to attend and vote in the meeting. However, such Home Buyers are required to give a written notice, along with complete detail of their flat/unit, to the Chairperson of the meeting, their intention to attend the meeting at least 7 days in advance of the date of meeting. Complete contact details of the Chairperson of the meeting" are Chairperson Mr Rajeev K. Goel, Advocate, 9312409354 and Alternate Chairperson is Mr Subhiksh Vasudev, Advocate, 9810710871.

The Quorum of the meeting of the homebuyers of the respondent company shall be 50% of the total homebuyers, who are entitled to vote at the meeting at Gurgaon, Haryana. In case, the quorum as noted above for the above meetings is not present at the meetings, then the meetings shall be adjourned by half an hour, and thereafter the persons present and voting shall be deemed to constitute the quorum. In any event, shall not be less than 25% of the total homebuyers/unsecured creditors, entitled to vote and attend the respective meetings.

 

The notice for meeting of ALL UNITECH BUYERS in Gurgaon, on December 04, 2016 will soon be on its way from Unitech to its Buyers. You should expect something similar to the notices for the meetings in Mohali on November 20, 2016 and in Chennai on November 27, 2016 which are on the Unitech website at http://www.unitechgroup.com/investor-relations/notice.asp 

The Attendance slip & proxy form is as below:

The notice for Mohali is attached & you can check out the Attendance Slip, Proxy form, the Scheme of Compromise & Arrangement, and an explanatory note in the notice.

And notice for meeting in Chennai is