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Supreme Court attaches five properties of Amrapali Group

The apex court has directed that the CMD of the company and its two directors be personally present in court on the next date of hearing when the contempt proceedings are expected to be taken up.

Vandana Ramnani @vandanaramnani1

Coming down heavily on the Amrapali Group for "deliberate non-compliance" of its orders, the Supreme Court on November 13 attached five properties and directed the chief financial officer and the statutory auditors to deposit Rs 12 crore within three weeks.

The next date of hearing is on November 20. The apex court has directed that the CMD of the company and its two directors be personally present in court on the next date of hearing when the contempt proceedings are expected to be taken up.

Forensic auditors have identified five properties purchased by the money siphoned off from home buyers – these include an Amrapali hospital, two commercial towers in Greater Noida, a property in Goa by the name of Eklavya and an industrial plot in Greater Noida called Gaurisuta. DRT has been advised to conduct a valuation and sell all these properties, lawyers present at the hearing said.

The top court asked the Chief Financial Officer Chander Wadhwa to deposit Rs 11.69 crore with its registry within three weeks. It also asked a statutory auditor Anil Mittal to pay Rs 47 lakh, they said.

It also restrained the embattled firm from alienating its companies through which it had transactions and ordered attachment of such firms. It also directed that it cannot create any third party rights for 86 luxury cars and SUVs purchased from the company's funds. The court also directed the firm to disclose to whom these cars have been sold, lawyers said.

On October 31, the apex court had directed the Amrapali Group to disclose the names of all the companies with which it had any kind of transactions after forensic auditors pointed out that there may be a web of more than 200-250 such firms where homebuyers' money was transferred.

The two forensic auditors, appointed by the court to look into the affairs of Amrapali Group had said besides 47 sister companies, they had come across 31 companies whose names were never disclosed by the embattled real estate firm.

At the last hearing, the apex court had also refused to allow CMD Anil Kumar Sharma and two directors, Shiv Priya and Ajay Kumar, currently residing under police surveillance at a hotel in Noida to visit home on the occasion of Diwali.

On October 26, the apex court had grilled the CFO and internal auditors of Amrapali Group over diversion of home buyers money and ordered that the company's CMD as also its two other directors would remain under police surveillance at a hotel in Noida.

It had also initiated contempt proceedings against the group's Chairman and Managing Director (CMD) Anil Kumar Sharma and its directors for prima facie violating court's order and thwarting the course of justice.

The court is seized of a batch of petitions filed by home buyers who are seeking possession of around 42,000 flats booked in projects of the Amrapali Group.vandana.ramnani@nw18.com
First Published on Nov 13, 2018 10:28 pm
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