Unitech forms committee to consider restructuring prospects

Unitech, a leading real estate player today announced that it has constituted a committee of directors named as `Restructuring Committee` to explore, consider and evaluate opportunities and suggestions for potential merger of subsidiaries, demerger and other forms of restructuring, or acquisition, or spin-off with the ultimate object of enhancing and unlocking shareholders` value and to do all such acts, deeds and things as may be considered necessary and expedient by it including finalization of the corporate restructuring scheme.

The company further announced that it has approved the appointment of Ernst & Young, S. R. Batliboi & Co. and Amarchand & Mangaldas & Suresh A. Shroff & Co., as advisors to the company to assist the restructuring committee in the proposed corporate restructuring.