The Forensic Auditors today reported to the Hon’ble Supreme Court, that almost 9500 crore could be recovered from the Amrapali group. Apart from that an additional 455 crore can be recovered from people, like the directors of the realty firm , their family members and people holding key managerial positions. The bench for this hearing comprised Justice Arun Mishra and Justice UU Lalit. The Auditors also said that Rs 3,487 crores was recoverable from home buyers who had booked flats and taken the possession in 14 Amrapali Projects.
In the eight volume report submitted by the Forensic Auditors, it was said that company directors and their families had taken an amount of 152.24 crore in the name of paying income tax, advances for purchase of shares and various other reasons.The report also stated that, from 35 group companies, directors and other personnel have siphoned nearly 70 crore rupees. The Amrapali group had numerous bogus purchases and non-genuine transactions along with a liability of Rs 6,004.6 crores towards Noida and Greater Noidaauthorities. The Forensic Auditors in this case were Pawan Agarwal and Ravi Bhatia.
Another aspect of this case which was revealed was that the lawyers of Amrapali were given flats and penthouses as fees. This action on behalf of the lawyers was against the Advocates act. Also the Amrapali group was asked to explain its financial transactions and agreements with Mahendra Singh Dhoni. The Auditors have discovered that there were 24 transactions between Amrapali Group and M/s Rhiti Sports Management Pvt Ltd, which handles the endorsement and advertisement of Dhoni.
Dhoni in an affidavit had said that, he had was a creditor of Amrapali Homes Projects Pvt Ltd and had entered into a joint venture with it, in June 2011. In another affidavit Dhoni, stated that he was guaranteed a payment of Rs 75 crores, by Amrapali Groups. In another affidavit, Dhoni had sought protection of his ownership rights of his penthouse which he had booked 10 years ago, in an Amrapali Group project.
Courtesy/By: Nayantara Bhattacharyya
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04 May 2019
