SC for selling 16 Amrapali properties to complete projects

The Supreme Court on Thursday observed that initially 16 properties of Amrapali Group in India, including commercials, would be auctioned and later on the personal properties of the real estate company’s promoters and directors will be auctioned or sold to generate money for completion of its unfinished real estate projects.

The apex court division bench, headed by Justice Arun Mishra and also comprising Justice Uday Umesh Lalit, directed to conduct a forensic audit of all the 46 companies or properties of the Amrapali Group and assets of all their directors within two months. The owner of Amrapali Group, Anil Sharma, is having his own property in Maharani Bagh and one house in Sector 62, Noida in Uttar Pradesh.

The Supreme Court also asked the directors of the Amrapali Group to furnish their asset details by way of an affidavit to it within four days, and fixed the matter for further hearing to September 12. 

To complete the unfinished projects of Amrapali, NBCC (National Buildings Construction Corporation) had a submitted a plan to the apex court. The Supreme Court  had, earlier this week, assured state-run NBCC of funds to complete 46,575 flats of crisis-hit Amrapali Group at an estimated cost of Rs 8,500 crore.

The court also took note of a submission made by Anil Mittal, a chartered accountant of Anil Ajay & Company, the statutory auditor for most companies of the Amrapali Group, that money from nine firms were used to purchase shares of 37 associate entities.  The top court had earlier slammed the group for playing “fraud” and “dirty games”  and had ordered attachment of all bank accounts and movable properties of its 40 firms.— Agencies