Supreme Court
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On Wednesday, the Supreme Court was informed about the appointment of peons as the directors of Amrapali’s two companies and this appointment was made in 2015-16. These peons also bought a share of these companies that valued to be in crores and are also likely to be involved in a deal with JP Morgan.

The bench of two judges, Arun Mishra and UU Lalit directed the JP Morgan group to file an affidavit in regard with the same case. This affidavit should have all the details of the transaction took place during this deal. The court ordered JP Morgan to submit the same before the next hearing of the case.

The Supreme Court gave 10 weeks to the Forensic auditors to submit a report after investigating all the parties involved in this case. Apart from this, Chandra Wadhwa, CFO of Amrapali Group got a week’s time to submit Rs 4.7 crore. The Supreme Court in December 2018 directed Wadhwa and statutory auditor Anil Mittal to deposit Rs 9.69 crore that is lying with them by 2nd January.

The forensic auditors also made revelations about the booking of flats in and informed court that plush flats were booked by the Amrapali group at a mere cost of Rs. 1, Rs. 5 and Rs. 11 per sq. ft. These bookings were made in the name of more than 500 people. The auditors also found the money of homebuyers was diverted by floating 23 companies all in the name of office boys, peons and drivers.

The auditors also summoned 655 people whose flats were booked as benaami. However, no person was found in122 same locations.

The forensic auditors submitted an interim report of the case to the Supreme Court and the court was bought to notice that Chander Wadhwa, the Chief Financial Officer (CFO) of Amrapali group transferred Rs 4.75 crore to unidentified persons few days before deposition in court on 26th October 2018.

The court warned Wadhwa for his actions directing contempt of court. The bench of two judges said, “You (Wadhwa) are putting spoke in the wheels of justice. You very well knew that questions will be asked by the court and hence you transferred the money. We want the entire tranche of money back in seven days’ time. You had no business to transfer the money on October 23, 2018. You have obstructed the course of justice and we may haul you up for contempt of court.”

The court also said that the Serious Fraud Investigation Office (SFIO) can be appointed to look into the case if we fail to receive a satisfactory response to the questions asked. On the other hand, the counsel for JP Morgan asked the court to not get prejudiced by the revelations made by the forensic auditors as they would explain everything to the court.

In order to offer relief to the lakhs of homebuyers of Amrapali’s multiple projects without registration, the bench of two-judges also sought lawful suggestions from parties, Noida and Greater Noida authorities on the registration of their flats. The court scheduled next hearing on 24th January.

 

Earlier on December 12, the apex court directed the forensic auditors to make findings of around Rs. 3,000 crores as the Amrapali group allegedly bought shares of its subsidiary companies with homebuyer’s money. The court had also ordered the forensic auditors to inform them about the exact numbers of flats that were ‘benami’ property, doubly booked or booked on a nominal value by Amrapali Group.

The apex court attached Amrapali’s 100-bed multi-Speciality hospital, bank accounts, the building which houses its office, certain firms and a benami villa in Goa as an action on the group for their “willful disobedience” of court orders.

After this, the court also directed NBCC India to submit a detailed project report (DPR) before the next hearing. The National Building Construction Company [NBCC] is also asked to inform about which project they would wish to start if Rs. 10 crore was supposed to be released initially. The court also asked NBCC about their implementation plan for the same.

The next hearing of the case is scheduled on 24th January 2019