In a recent development, the Supreme Court directed Amrapali directors to deposit Rs. 94 crore in the court prior to 1st March.
The Supreme Court passed this order after the allegations uprooted that the multiple companies have lent money to the directors of Amrapali group.
The court also asked for an explanation from Anil Kumar Sharma, chairman Amrapali group in regard to the transfer of funds from Company’s account to multiple family members. However, the apex court had ordered the auditors of JP Morgan to attend the next hearing and to hand over the agreement they have assigned with the Amrapali group in regard to the Zodiac project.
The forensic auditors found something fishy in the investment made by JP Morgan in the Amrapali Zodiac project and thus want to investigate the matter further. The auditors informed this to the court in January 2019.
Earlier the auditors also informed the court that peons were appointed as the board of directors and they were likely to be involved in the deal finalized with JP Morgan. The JP Morgan is said to have invested Rs. 85 crore for buying the Amrapali’s share in return to which the company received Rs. 140 crores by selling the same to the sister company of the group.
In the same context, the court has asked Anil Sharma, chairman Amrapali group to dispose identity of the person who is alleged to buy company’s shares of Rs. 140 crore from JP Morgan.
The court has disbursed Rs. 1 crore to the National Building Construction Company [NBCC] to complete the construction of Eden Park residential project.
The Supreme Court also appointed a valuer in the case and ordered him to prepare a report of unsold inventory by the next hearing.
The case is scheduled for the next hearing on 28th February.