Govt. Directors For Unitech Limited

please click

http://www.livemint.com/Companies/8YUc3n8dyXDopZQLSAsahP/Govt-is-said-to-seek-court-approval-to-take-control-of-Unite.html

also read

http://www.livemint.com/Companies/I6KOAUdKjIq2bQ8ScJpNKO/Unitech-The-fall-of-a-real-estate-giant.html

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old post

We remember an incident in late 1970 s ( when I was a student in Delhi ) , there was a famous case of a Listed Company where there was allegation of Mismanagement .

Govt. has power to appoint Independent Directors , ostensibly , to safeguard the Interests of Minority ( Public Share Holders ). 

Some prominent persons gave Bags of Money to a politician to get appointed as Directors.

 ( High denomination notes had been demonetised ( Rs. 100  , then ,Highest Value ) so ." the Public Interest Directors "had a bit of  challenge carting  the currency) .So , currency notes were weighed and not counted. 1 kg = Rs. 1/25 lakh .

This was because these Persons knew that in the godowns of the Company were lying  large quantities of a chemical which at that time was in acute short supply.

The Directors had calculated that they would recover their " investment " by selling this product in Black