'Writing is very clear on the wall', SC warns Amrapali Group
New Delhi: "Writing is very clear on the wall", the Supreme Court warned the embattled real estate firm Amrapali Group on Tuesday over its repeated non-compliance and "hood-winking" of the court's order.
The top court asked the realty firm to reveal by December 3 the details of all its properties in the name of directors, their family members, relatives, Chief Financial Officers and statutory auditors in India and abroad.
It gave one last opportunity to Amrapali Group and its directors and promoters to comply with each and every direction passed by the court since May last year.
A bench of Justices Arun Mishra and U U Lalit said that Amrapali Group will have to disclose each and every detail and activity including financial transactions by which home-buyers' money was transferred.
"We make it very clear that Amrapali Group should disclose each and every activity in clear terms it took since 2008 onwards related to the construction of residential, commercial, personal, official and financial where the money was transferred. If all the disclosures are not made by Amrapali Group and its directors then the writing is very clear on the wall," the bench said.
It said the company has to disclose details of assets of all the directors since 2008, assets created in the name of their family members, relatives, Chief Financial Officer and statutory auditors.
The company is responsible for diversion of home-buyers' money, it said.
The court asked the embattled group to furnish details of all the land which has been sub-leased, structures raised on it and the financial benefits to the company.
It directed the banks, Noida and Greater Noida authorities and other bodies concerned to cooperate with the forensic auditors saying that they have been acting on the direction of the court and any non-compliance will be treated as contempt of the court.
It directed the registry of the court to accept Rs 1 crore demand draft given by Amrapali's CFO Chander Wadhwa and asked the group to depute four persons for assisting the forensic auditors in their investigation of company's affair.
The bench posted the matter for further hearing on December 5 and asked the company to file its reply by December 3.
- 22 Aug 2019 6:17 PM GMT
- 1 May 2017 6:52 PM GMT
- 8 Oct 2019 4:43 PM GMT
- 31 Aug 2019 1:38 PM GMT
- 25 Oct 2017 3:32 PM GMT
- 19 Nov 2019 6:44 PM GMT
- 19 Nov 2019 6:43 PM GMT
- 19 Nov 2019 6:41 PM GMT
- 19 Nov 2019 6:41 PM GMT
- 19 Nov 2019 6:39 PM GMT