Supreme Court
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In a major development, the Supreme Court of India has allowed the Delhi branch of Economic offence Wing’s (EoW) to interrogate directors, CFO and the statutory auditors of Amrapali Group in the ongoing insolvency matter. The court has also given permission to arrest these top authorities if the need to do so arises.

The order came just a day back after EOW filed an application in the case regarding the pending interrogation against the directors. The order was passed by the bench of Justices Arun Mishra and U U Lalit.

As per the court orders, the judges strictly told all the people who were earlier summoned by the auditors to participate in the interrogation process or else stringent action will be taken against them.

In order to further investigate the inconsistencies in the JP Morgan and Amrapali Zodiac investment, the SC has also asked the Morgan’s valuer to give an explanation on the same as well as how the same arrived on the affidavit. These discrepancies were found by the forensic auditors in January 2019.

According to the auditors, JP Morgan group has received a very high profit after investing Rs 85 crore in the Amrapali group share. The group has later on sold all these shares to the Amrapali’s sister companies and got back Rs 140 crore.

The apex court told the auditors to submit the report on this by March 22 after which the hearing on the case will take place on March 26.

Earlier this month, SC has ordered Amrapali directors to deposit Rs. 94 crore in the court Before March 1.