Amrapali Group Properties Attached by SC

 [Word Count: 316 Estimate Read Time: 1 Min 34 Sec]

Summary

  • Supreme Court Charges Amrapali Group as ‘Defrauding Investors’
  • Court orders attachment of all bank accounts and movable properties of all the 40 companies belonging to the Amrapali Group
  • Supreme court has directed Amrapali Group to provide names of all the Chartered Accountant who handle the account of the 40 companies
  • Supreme Court expressed its anger that Amrapali Group is trying to fool and misguide the entire system and also not following orders given by SC

Amrapali Group has been pulled up by Supreme court as a fraud company and playing filthy games with the court. It has not given possession to 42,000 troubled home buyers who have already paid 90% of the value of their property.

Amrapali Group was asked by the court to deposit Rs. 250 Crore in four weeks in an escrow account to be paid to the co-developers on completion of the projects but they did not follow the orders. The court spotted diversion of funds of Rs. 2,700 crores by the Amrapali Group and sought details of all the financial transactions made by the company. The  Supreme Court has ordered the Amrapali Group to provide all the details of the bank accounts from 2008 until today.

SC has attached all the bank accounts and movable properties of all promoters and directors of Amrapali Group. It has directed Amrapali Group to provide the list of all the Chartered Accountants who have handled the accounts of the 40 companies under Amrapali Group. 

The court has ordered NBCC to take up the projects until the case is in the proceeding. NBCC estimates that Rs. 15,000 crore will be required to finish the incomplete projects. The buyers won’t be asked for more money and banks should seek payments only if the home buyers are satisfied with their houses.

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