On Tuesday, the Supreme Court sent three directors of the Amrapali group to police custody, ordering them to hand over all the documents of the 46 group companies to forensic auditors.
A bench, comprising of Justices Arun Mishra and U U Lalit, took an exception to the Amprapali group for not handing over all the documents to forensic auditors and said that they will remain in police custody till they hand over all the documents.
The court also held that the conduct of the directors was in “gross violation” of its order and misleading.
It then directed the Delhi police to seize all the documents of the Amrapali group and hand them over to forensic auditors, highlighting that not a single document of these companies should remain in custody of the group.
The apex court had earlier allowed the National Buildings Construction Corporation Ltd (NBCC) to float tenders for selecting the builder for the completion of the stalled projects of Amrapali Group and asked it to prepare a detailed project report for pending projects within 60 days.
On September 12, the top court had appointed the NBCC to develop stalled projects of the realty firm and ordered the Debts Recovery Tribunal to sell the unencumbered commercial properties of the group. Additionally, it also directed the opening of an escrow account in the SC, in which the amount received after the sale of properties would be deposited and will later be disbursed to the NBCC to start construction of the pending projects in Group A and B Categories.
Alongside, it directed that the bank accounts, balance sheets and other documents pertaining to all the 46 Amrapali companies and Jotindra Steel, since 2008 be given to the forensic auditors.
On September 6, the apex court had identified 16 properties of Amrapali for auctioning, preferably by the NBCC, to give the PSU an initial corpus to start working on the stalled projects. Also, It directed a forensic audit of the firm and its promoters to gauge out the extent of financial wrongdoings.
The NBCC had previously given a proposal for completion of 15 residential projects of Amrapali containing 46,575 flats at an estimated cost of Rs 8,500 crore in 6 to 36 months.
Courtesy/By: Tanya Arora
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10 Oct 2018
