New Delhi, Oct 25 The Supreme Court said Wednesday that beset real estate broker Amrapali Group of companies has played a "big fraud" by diverting money collected from home purchasers to other firms and the "big racket" behind this has to be unearthed.
A bench of Justices Arun Mishra and U Lalit was told by the forensic auditors that from the reports of the gathering, it created the impression that over Rs 100 crore was occupied to an organization - GauriSuta Infrastructures Pvt Ltd - by one of the gathering firms and there were "different malfunctionings" by statutory evaluators, who have completely bombed in their duties.
"The cash (diverted by the group) must be recovered. Criminological review is for this reason and furthermore how to get the people behind this and send them behind the bars if needed," the bench said.
"This is a big racket that should be uncovered. They (Amrapali group) have completed a major misrepresentation. Give us a chance to perceive what can be done," it added.
At the start, forensic auditors Ravi Bhatia and Pawan Kumar Aggarwal told the court that they have found diversion of money collected from home buyers by some of the group firms, and some shell companies were also made for this reason.
During the hearing, the forensic auditors said they have not gotten any dangers till now in the issue.
"If there is even a slightest of doubt (of risk), you tell us," the bench stated, adding, "whosoever high, you let us know. We will deal with that".
The forensic auditors further said that Ashish Jain and Vivek Mittal were the Directors of GauriSuta Infrastructures Pvt Ltd and they were expressed to be relatives of statutory auditors of the group.
The forensic auditors also informed the bench that Chander Wadhwa, (CFO) of Amrapali Group, was not co-working with them and he had said that he "doesn't recollect when he joined the organization as its CFO".
"He (Wadhwa) remembers when he got hitched and other individual subtle elements," the auditors told the court which directed Wadhwa to stay present before it on October 26, the following date of hearing.
The auditors also told the court that they have taken possession of documents from six out of the seven properties of the group in Noida and Greater Noida and one property in Rajgir in Bihar.
They said they have not gotten the reports reserved in a property at Buxar in Bihar.
The auditors said that they have the record records of the group companies however a portion of the archives were not accessible yet.
To this, the bench stated, "The essential thought why we need a measurable review is that we need to think about cash stored by level purchasers and how the gathering has managed it. Has the cash left the company? We might want you (auditors) to see the trail of cash and where the cash has at last come to and in whose account".
The forensic auditors told the bench that they have found diversion of cash by some of the group companies and the statutory auditors and their relatives were likewise given pads by the group.
"The main problem is that money got from the home buyers were spent somewhat and was occupied to different firms. They (some gathering firms) were exchanging cash to sister concern organizations. We will discover everything and everything will be crystal clear," the auditors said.
The seat requested that the forensic auditors present a break report by Thursday concerning job of statutory reviewers of the group, whether they were co-working or not and as to their involvement in the issue.
"We allow the legal inspectors to copy the inquiries which they put to the Directors and so on and record their answers likewise and to present that in this court alongside their report," the seat said.
The advice showing up for the home purchasers asserted that there was non-participation of Amrapali Group in the procedures pending before the Debts Recovery Tribunal (DRT).
"Let the request sheets of the DRT be put on record. It is clarified to the Amrapali Group of Companies that they need to submit to the requests of this court and collaborate with the DRT," the seat said.
The bench also observed that the group has been appreciating holding the rented properties of Noida and Greater Noida experts and they have pocketed the money collected from the home buyers.
"They (Group) have been hoodwinking this court. They are hoodwinking the DRT and also the forensic auditors," the court said.
The bench also said that three directors, including CMD of Amrapali Group, who were set under police observation under the zenith court's organization can't be permitted to work from their home till October 26.
The top court had before settled a 15-day restrict for the forensic auditors to collect, collate and catalogue the documents from 2008 till now as to the 46 companies of the group from the nine properties situated in Noida, Greater Noida of Delhi-NCR and Rajgir and Buxar in Bihar.
It had also initiated contempt proceedings against the group's Chairman and Managing Director (CMD) Anil Kumar Sharma and its executives Shiv Priya and Ajay Kumar for prima facie violating court's order and thwarting the course of justice.
The court is seized of a batch of petitions filed by home buyers who are looking for ownership of around 42,000 flats booked in projects of the Amrapali group.
Thursday, 25 October 2018
Amrapali group 'big fraud' that diverted home buyers money to other firms: SC
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