Directions (): In the following passage there are highlighted words, each of which has been numbered. These numbers are printed below the passage and against each, five options are given. In four options, one word is suggested in each option. Find out the appropriate word which can replace the highlighted word. If the highlighted word fits the passage, choose option ‘e’ (No correction required) as the correct choice.
The Supreme Court allowed the government’s abrogation (131) to take over the management of the thriving (132) real estate major Unitech Ltd. and appointed a new board of directors to steer the completion of pending projects and provide homes for over 12,000 investors in dire straits. A Bench of Justices D.Y. Chandrachud and M.R. Shah appointed former IAS officer Yudvir Singh Malik as the chairman and managing director of the new board while refusing to give a/an vacant (133) on the board to Unitech Group founder Ramesh Chandra at this stage.
“The idea of a professional board is to allow them to take control of the company and complete the pending projects in the interest of homebuyers,” the court said. The board includes A.K. Mittal, ex-CMD of National Buildings Construction Corporation; Renu Sud Karnad, chairman of HDFC Credila Finance Service Pvt Ltd.; Jitu Virwani, CMD of Embassy Group; and Niranjan Hiranandani, managing director of Mumbai-based Hiranandani Group.
The court subjugated (134) the institution of any fresh cases against Unitech for two months. Old orders and enforcement of them also stand suspended for the period. Unitech promoters Sanjay Chandra and his brother Ajay Chandra are currently granted (135) in Tihar jail for allegedly laying (136) off homebuyers’ money. The court said the probe into irregularities in the company would continue and said the work of a panel led by former Delhi High Court judge, Justice S.N. Dhingra, appointed to sell the company’s assets and use the money in completion of pending projects, would continue to work till the new board comes up with a resolution (137) framework.
The court indicated that it would appoint a retired Supreme Court judge to monitor the preparation of resolution framework. The top court directed the present management of the company, forensic auditors, asset reconstruction companies, banks and financial institutions and state governments to intend (138) cooperation to the new board.