Supreme Court raps Amrapali Group over non-compliance of court order

NEW DELHI: “Writing is very clear on the wall”, the Supreme Court warned the embattled real estate firm Amrapali Group on Tuesday over its repeated non-compliance and “hood-winking” of the court’s order. The court asked the realty firm to reveal by December 3 the details of all its properties in the name of directors, their family members, relatives, CFO and statutory auditors in India and abroad.

It gave one last opportunity to Amrapali and its directors and promoters to comply with each and every direction passed by the court since last May. A bench of Justices Arun Mishra and UU Lalit said that Amrapali will have to disclose each and every detail and activity including financial transactions by which homebuyers’ money was transferred. “We make it very clear that Amrapali should disclose each and every activity in clear terms it took since 2008 onwards. If all the disclosures are not made by Amrapali Group and its directors then the writing is very clear on the wall,” the bench said.

It said the company has to disclose details of assets of all the directors since 2008, assets created in the name of their family members, relatives, Chief Financial Officer and statutory auditors. The company is responsible for diversion of home-buyers’ money, it said.  The court asked the embattled group to furnish details of all the land which has been sub-leased, structures raised on it and the financial benefits to the company.

It directed the banks, Noida and Greater Noida authorities and other bodies concerned to cooperate with the forensic auditors saying that they have been acting on the direction of the court and any non-compliance will be treated as contempt of the court.  It directed the registry of the court to accept Rs 1 crore demand draft given by Amrapali’s CFO Chander Wadhwa and asked the group to depute four persons for assisting the forensic auditors in their investigation of company’s affair.

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