SC grills Amrapali CMD for homebuyers’ money in his account, warns him of jail
5 years, 11 months ago

SC grills Amrapali CMD for homebuyers’ money in his account, warns him of jail

Live Mint  

The Supreme Court on Thursday grilled Amrapali Group CMD Anil Kumar Sharma for ₹94 crore of homebuyers' money being shown in his bank account and also warned that it would send him to jail for his "reluctance" in disclosing the identity of a person, who had bought company's shares worth ₹140 crore from the multi-national firm JP Morgan. A bench of Justices Arun Mishra and U U Lalit also brought 'The Royal Golf Link City Projects Pvt Ltd' under its scanner and sought its share holding pattern, names of promoters and balancesheet. It also asked the valuer to explain the transaction made by JP Morgan Real Estate fund and Amrapali Group and how it sold the real estate firm's shares to two little known companies 'Neelkant' and 'Rudraksh' for ₹140 crore. The forensic auditors also pointed out that multi-national firm JP Morgan Real Estate fund, which had invested ₹85 crore in Amrapali Zodiac in 2010 by purchasing its share and later selling them to the sister companies of the realty firm has violated several then existing norms.

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History of this topic

SC asks why Amrapali homebuyers not paying remaining money to get flats
3 years, 4 months ago

SC asks why Amrapali homebuyers not paying remaining money to get flats

India Today  

"It is like you have been given lassi, you now want malai on top of that,” commented the Supreme Court bench headed by Justice UU Lalit while hearing pleas filed by Amrapali homebuyers. In the last hearing in August, the apex court had directed around 9,500 homebuyers to get registered and complete due payment to the NBCC within 15 days. …

Amrapali case: Supreme Court asks NBCC how it will deal with Rs 2,300 crore unsold flats
5 years, 4 months ago

Amrapali case: Supreme Court asks NBCC how it will deal with Rs 2,300 crore unsold flats

India Today  

The Supreme Court on Wednesday directed the National Buildings Construction Corporation and the homebuyers to suggest how they will deal with the unsold flats. In order to rescue the homebuyers who have purchased flats by taking bank loans, the Supreme Court also issued notice to banks to give suggestions on what can be done to release pending loan amounts so …

SC cancels registration of Amrapali group, appoints NBCC to complete pending projects; news brings relief to over 42,000 home buyers
5 years, 5 months ago

SC cancels registration of Amrapali group, appoints NBCC to complete pending projects; news brings relief to over 42,000 home buyers

Firstpost  

A bench of Justices Arun Mishra and UU Lalit also cancelled leases of Amrapali’s properties granted by Noida and Greater Noida authorities and given them to NBCC. A bench of Justices Arun Mishra and UU Lalit also cancelled the leases of Amrapali’s properties granted by the Noida and Greater Noida authorities and directed the Enforcement Directorate to investigate alleged money …

SC Cancels RERA Registration Of Amrapali; Asks NBCC To Take Over Noida Projects [Read Judgment]
5 years, 5 months ago

SC Cancels RERA Registration Of Amrapali; Asks NBCC To Take Over Noida Projects [Read Judgment]

Live Law  

In a major relief to thousands of homebuyers, the Supreme Court on Tuesday cancelled the registration of Amrapali group under Real Estate Act 2016, and directed the National Building Construction Corporation take over its pending construction projects in Greater Noida and Noida.The bench of Justices Arun Mishra and U U Lalit found that Amrapali group had siphoned. In a major …

SC suspects cartelisation as Amrapali’s 5-star hotel unsold in auction
5 years, 11 months ago

SC suspects cartelisation as Amrapali’s 5-star hotel unsold in auction

Live Mint  

Taking strong exception to two prime properties including a five-star hotel of the embattled Amrapali Group finding no bidders, the Supreme Court on Monday said that prima facie it looks like "cartelisation is at work" and sought to know whether "banks are part of cartels". "There were newspaper reports recently that banks are ready to finance the projects constructed by …

"You Are Playing Hide And Seek", SC Sends 3 Directors Of Amrapali Group To Police Custody [Read Order]
6 years, 3 months ago

"You Are Playing Hide And Seek", SC Sends 3 Directors Of Amrapali Group To Police Custody [Read Order]

Live Law  

The Supreme Court Tuesday sent three directors of the Amrapali group to police custody, directing them to hand over all the documents of the 46 group companies to forensic auditors.A bench of Justices Arun Mishra and U U Lalit took exception to the Amprapali group not handing over all the documents to forensic auditors and said that they will remain …

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