In the latest update, the Supreme Court asked forensic auditors to examine the trail of nearly Rs. 3,000 crores, which the Amrapali group collected from the home-buyers. The developer allegedly spent this amount of money to buy the shares of sister companies that help in asset creation.
The top officials at the Amrapali Group including CMD Anil Sharma, directors Shiv Priya and Ajay Kumar deposited a total amount of Rs 1.55 crores of home buyers to the court. This returned money was lying with them. In the total amount that was returned by all the three persons a sum of Rs. 1.25 crore, Rs. 20 lakh and Rs. 10 lakh was submitted respectively.
The Supreme Court grilled various accountants of the Amrapali group in order to know about how they prepared accounts statements that were submitted in the court. The accountants were also asked the basis on which these statements were created for the financial years 2015-16, 2016-2017 and 2017-2018.
The Supreme Court also directed the forensic auditors to ascertain the numbers of flats that were listed as benami property, doubly booked or booked at a minimum or nominal price by the Amrapali Group. A bench of two judges, Justices Arun Mishra and U U Lalit also directed the Debt Recovery Tribunal, Delhi to carry out the cost evaluation of Amrapali’s five-star hotel Tech Park in Greater Noida and sell it by January end.
The Court also questioned Sharma about the sub-leases granted to the family members of Amrapali directors and where the Rs 3,000 crore of home-buyers’ money has gone. However, Sharma failed to give any satisfactory reply to the court after which the bench directed two forensic auditors Pawan Kumar Aggarwal and Ravi Bhatia to examine the trail of around Rs 3000 crores.
The bench of two judges directed the forensic auditors and said, “More than Rs 2,990 crores were taken out from nine companies of Amrapali Group in the name of assets creation and purchase of shares of sister companies. You should examine the trail of the money as to how and where did it go, and the assets created by the fund.”
The court also directed the Amrapali group to submit the details of the assets it created with Rs 2,990 crore and the board resolutions that allowed spending of Rs 1,100 crores to purchase share capital. The court also directed the forensic auditors to examine whether any siphoning of funds was done by granting sub-leases or any favours were doled out in such transactions.
Earlier, Sharma answers to the bench of two judges on the question of the sub-leases the company granted, on which he replied that firm had received over Rs. 66 crores by granting sub-leases and denied any wrongdoing.
The Court also said that “The Forensic auditors should examine the sub-leases granted by Amrapali Group by next date of hearing. In addition to it, the real estate firm should comply with all the requests made by the forensic auditors in 24-hours.