A bench of Justices D Y Chandrachud and Hemant Gupta said the Chandras have still not complied with its October 30, 2017 order The Supreme Court Wednesday refused to grant bail to Unitech Ltd promoters Sanjay Chandra and his brother Ajay Chandra in a case relating to alleged siphoning off the home-buyers' money. A bench of Justices D Y Chandrachud and Hemant Gupta said the Chandras have still not complied with its October 30, 2017 order which asked them to deposit Rs 750 crore with the apex court registry by December 31, 2017. "At this stage, we note that on October 30, 2017, petitioner were subjected to bail provided they deposited Rs 750 crore in the apex court registry by December 31, 2017. The order was passed by a three-judge bench. It is an admitted fact that said order of October 30, 2017 is still to be complied with. Therefore prayer for bail is misconceived," the bench said. The top court further said: "In the circumstances, we see no reason that a two-judge bench should modify the order of a three-judge bench particularly when the order of October 30, 2017 is not complied with." The bench also directed the trial court which is seized of the criminal case against the Unitech promoters to proceed expeditiously in the trial. Advocate Rajiv Nanda, appearing for Economic Offence Wing of Delhi Police, informed the bench that charge sheet has been filed in the case before the trial court and the matter is listed for framing of charges on February 7. Lodged in Tihar jail for over one and half years, the Chandras have sought bail on the ground that they were complying with the apex court order and have deposited over 400 crore till now. Senior advocate Abhishek Manu Singhvi said that the company has deposited Rs 419 crore, and Rs 45 crore is ready to be deposited after the proposed sale of land in Sriperumbudur, while the rest of the amount will be deposited after transfer of its stake in a power plant in Maharashtra. He said that Chandras, even while in jail, have delivered 2,839 flats to home buyers and if granted bail they would abide by every condition imposed on them including cooperating with court appointed forensic auditors. The contentions were however opposed by the home buyers. On December 7, 2018, the apex court has directed forensic audit of Unitech Ltd and its sister concerns and subsidiaries by Samir Paranjpe, Partner, Forensic & Investigation Services in M/s Grant Thornton India. The forensic audit has been proposed in various parts and in phase-1, it was proposed that the focus will be on 74 construction projects and the entities of Unitech involved in this project. The court had directed Unitech Ltd to identify and nominate two of its Directors who are not in jail and a team of three senior officers for coordinating with the forensic auditors for the purpose of supplying all the data, materials and information as is required by the auditors. The amicus curiae appointed in the case has said in its report that out of 74 construction projects undertaken by Unitech, as many as 61 were incomplete and about 16,300 home buyers were involved in these projects. The court had noted that the documents and report of Delhi police disclose disturbing state of affairs at Unitech in which funds were collected from home buyers and then siphoned off before the accounts were closed. It had said that as per the annual report of the embattled company, the foreign subsidiaries of Unitech Ltd have Rs 4,500 crore as reserves and surplus capital and newly created 150 subsidiaries of the firm were closed down between 2011-2012 and 2016-2017. The apex court had on October 30, 2017 ordered that the Chandras will be granted bail only after the real estate group deposits Rs 750 crore with the registry. It had directed the jail authorities to facilitate Chandras meeting with his company officials and lawyers so that he is able to arrange the money for refunding home buyers as well as for completing the ongoing housing projects. It also said that the visit to the jail should be made within the normal visiting hours as per the rules and Chandras counsel can also go there to meet him. The top court, however, had made it clear that Chandras were only entitled to negotiate in respect of unencumbered properties or assets of the group. It also said that if any proceedings were pending against Chandras and the company, that may continue and the final order may be passed but no coercive steps would be taken for executing those orders. The court was informed that the amount computed for refund to the home buyers may go above Rs 2,000 crore, while there are some buyers who want possession of flats. Chandras had then committed that if they were given liberty, they would monetise their assets for Rs 1,500 crore, of which 50 per cent will be used for refunding the home buyers and the rest for construction of incomplete projects. The matter pertains to a criminal case which started initially by one complaint lodged in 2015 and later joined by 173 other home buyers of Unitech projects' -- 'Wild Flower Country' and 'Anthea Project' -- situated in Gurugram.