The Supreme Court-appointed forensic auditors have found that homebuyers’ funds were diverted by Amrapali’s promoters to pay Rs 42 crore in fees to its brand ambassador M S Dhoni’s Rhiti Sports and the company, which manages the cricketer’s endorsement rights, may have to deposit the money in court.

After examining the contract between Rhiti Sports Management Private Limited Company and Amrapali Group, the auditors — Ravi Bhatia and Pawan Kumar Aggarwal — told the apex court that “sham” agreements were concluded to divert money to the sports marketing and management company. They have said money should be recovered from the company.

“It is observed that the company, Amrapali Sapphire Developers Private Limited, has paid a sum of Rs 6.52 crore out of the total amount of Rs 42.22 crore paid by the Amrapali Group of companies to Rhiti Sports Management Private Limited during the years 2009-2015. This sum has been paid on account of agreements executed by Anil Kumar Sharma, CMD for and on behalf of Amrapali Group with Rhiti Sports. There is no resolution on record authorising the CMD to enter into an agreement on behalf of all Amrapali Group of Companies,” the report said citing one such case of payment.

The report says under sponsorship agreement the group got right to advertise at various places during IPL 2015 for Chennai Super Kings but the agreement was on plain paper and executed only between Amrapali and Rhiti Sports and there are no signatories on behalf of CSK to this agreement.

Though Dhoni and Rithi Sports themselves filed an application in SC claiming that Amrapali owed them over Rs 115 crore, the company may have to refund the money as the SC has directed all persons and entities who are holding home-buyers’ money to deposit funds in court.

“We direct various companies/directors and other incumbents in whose hands money of the home-buyers is available as per the report of forensic auditors, to deposit the same in the court within one month and to do the needful in the manner as observed,” the court said while delivering its verdict in Amrapali case.

Dhoni had alleged that Amrapali group not only failed to pay him for his services as brand ambassador but also duped him Rs 25 crore he invested in a joint venture and was assured a return of Rs 75 crore.

Rhiti Sports in its plea told the court that the it had entered into various agreements with the group to promote the brand but was not paid for services worth Rs 38.95 crore.

Observations bereft of proper info: Rhiti Group

In a statement, Rhiti Group said, “We would only like to clarify that the observations mentioned in forensic report (only) are bereft of proper information or relevant documents. The company has been in possession of all information and relevant documents that can establish the clean image and that the observations made in the said report are incorrect.”

“The question of siphoning off funds does not arise because Rhiti provided all professional services as per the agreements and the pre-agreed endorsement fee received from Amrapali was paid to relevant endorsing stars and celebrities,” it said.

“To the contrary, in fact, we have legitimate business claims of approximately Rs 40 crore against Amrapali group and towards the recovery of the same, we are before Hon’ble Supreme Court,” it said.