Supreme Court
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In the recent happening, the Supreme Court ordered attachment of Amrapali Group’s five properties. These assets include a multi-Speciality hospital in Greater Noida, three residential towers situated in Sector 62, Noida and a villa in Goa.

While directing this order of property attachment, the bench of Justices Arun Mishra and UU Lalit stated the reason behind attaching these properties is that the Amrapali group has not invested money in these assets but actually diverted funds here. The court also said that these diverted funds were raised by the homebuyers.

The Supreme Court also directed the Amrapali group to submit the details of all monetary transactions that took place in all sister companies in past three weeks. This directive came after the forensic auditors reported that the Amrapali group has a network of over 200-250 such firms to draw off-off funds.

Chander Wadhwa, the CFO of Amrapali Group is also directed to submit Rs 11.58 crore due on him to the Supreme Court’s registry. Similar to this, Anil Mittal, the statutory auditor is awarded three weeks ‘time to return Rs 47.47 lakh due on him. This information was shared by advocate Ashwarya Sinha the lawyer of Amrapali homebuyers.

Apart from this, the counsel for Greater Noida is also directed by the apex court to submit all original documents related to three residential projects that include Amrapali Dream Valley, Amrapali Leisure Valley and Amrapali Centurian Park.

Next hearing of the case is scheduled for November 28.