Supreme Court gives Amrapali two more days to give asset details

The Supreme Court on Tuesday gave directors of the Amrapali group two more days to furnish details of individual properties and mooted the idea of selling these in order to raise funds for completing stuck housing projects.

A bench of justices Arun Mishra and UU Lalit said it will give the realty firm two more days to provide the required information. “We asked you for details of individual properties of directors. You also have to submit details of accounts of some companies, which you have not given so far,” justice Mishra said.

The counsel for Amrapali was asked to stick to the deadline and the court made it clear that no further extension would be given. The court also asked the counsel for homebuyers to submit the names of three auditors who could do a forensic audit of the company’s accounts.

Tuesday’s order came after Amrapali failed to furnish the complete information of its companies/properties to be sold for generating funds. Although the firm did give a list, the court found that many of them had no clear title.

“You are giving properties on which there is no clear title,” Mishra observed. “Your hands are so much unclean. At this point, you cannot claim anything,” he said.

Justice Lalit said, “This appears to be a very well-crafted cobweb. You say there are so many properties that can be sold. But, if we start selling, there will be charges to be paid to different authorities. By the time we clear them all, we will have a pittance left in our hands. That is why we would need the details of individual properties of all directors”.

When the company’s lawyer requested exemption from filing details of personal properties of two of its officials who were part of the group’s director board, Mishra said: “We want it (details) for a purpose. We have a hunch, can’t say more now.”

On August 2, the National Building Construction Corporation (NBCC) had assured the court that it was willing to take over the unfinished projects of the group. The corporation was told to submit within 30 days a “concrete proposal” to complete the construction so that possession could be given to buyers.

First Published: Aug 22, 2018 01:13 IST