The apex court further pulled up the real estate company for defrauding their investors and also playing ‘dirty games’ with the court. (Express photo)
The Supreme Court on Tuesday ordered attachment of all movable properties of all bank accounts and movable properties of 40 firms of Amrapali group of companies. The apex court further pulled up the real estate company for defrauding their investors and also playing ‘dirty games’ with the court. A Bench of Justices Arun Mishra and U U Lalit directed the Amrapali group of companies to place before it the details of all its bank accounts from 2008 till today and ordered freezing the bank accounts of all the directors of its 40 firms.
The Supreme Court also summoned the Secretary of Ministry of Housing and Urban Affairs and Chairman of National Buildings Construction Corporation India Limited to personally appear before the bench tomorrow for proceeding with matters of the group without its approval.
The apex court on May 17 had given its nod for the completion of 12 stalled projects by three co-developers of the Amrapali group within six months to 48 months stipulation. The top court had asked the Amrapali group to deposit Rs 250 crore in the next four weeks to an escrow account to pay the co-developers on completion of the said projects.
On May 10, the court spotted a diversion of funds of over Rs 2,700 crore by the Amrapali Group and sought details of the transactions made by the company and its statement of all bank accounts.
On April 25, the apex court observed that it would like to be assured of the financial standing and credentials of a company which is willing to take over some of the projects of the Amrapali Group. The group had then given the details of its ongoing housing projects, stages of work and the likely time to complete construction.
The company had earlier told the top court in an affidavit that it was not in a position to complete the projects and hand over possession of flats to over 42,000 homebuyers in a time-bound manner.