The Supreme Court on Monday (August 17) approved the appointment of retired IAS officer Giridhar Aramane as the Chairman and Managing Director (CMD) of real estate company Unitech Limited, following the end of the tenure of former CMD Yudhvir Singh Malik.

A bench of Justice JB Pardiwala and Justice KV Viswanathan took note of the Ministry of Corporate Affairs' application seeking approval for the appointment of Aramane, a 1988-batch IAS officer, as the new Chairman and Managing Director on the board of Unitech.

“We take notice of the fact that the tenure of Mr. Yudhveer Singh Malik, former chairman and managing director on board of Unitech Ltd., has come to an end. Came to an end on 20th of July 2026. The Ministry has now appointed Shri Giridhar Aromane, IAS, RETD, retired, 1988 batch, to function as chairman and managing director on the board of Unitech Ltd. We approve the appointment of Mr. Giridhar Aromane as the chairman and managing director on the board of Unitech Ltd.”, the Court said.

The new CMD's appointment ordered by the Court is part of the Court's continuous oversight over the affairs of the financially distressed Unitech group, including implementation of the resolution framework, management of its various entities and efforts to address the claims of homebuyers and other stakeholders.

The development comes against the backdrop of thousands of distressed homebuyers demanding urgent action to complete stalled projects. Homebuyers associations representing thousands of property buyers have expressed grave concern over the lack of funds with the Unitech Ltd. to complete stalled projects and demanded that the unsold assets of the realty firm should be auctioned to expedite construction works.

The Court is continuously monitoring the fund-ridden Unitech matter, where in vide order dated May 27, 2026, the Court appointed Price Waterhouse Coopers (PwC) as an independent agency to examine proposals for valuing and monetising Unitech's assets. The Court has also directed that all requisite permissions should be granted by state development authorities like Noida, Greater Noida, and the town and country planning department of Haryana.

During yesterday's hearing, the Court, upon being informed that a report from PwC is awaited, said that it would consider the pending issues concerning the resolution of the Unitech group after receiving a report from PricewaterhouseCoopers (PwC), which is examining aspects relevant to the implementation of the resolution framework.

The Court indicated that the PwC report is expected to provide relevant financial and operational inputs before the Court takes further decisions on the pending applications and the manner in which outstanding claims are to be dealt with.

Cause Title: BHUPINDER SINGH VS. UNITECH LTD.