Amrapali case: Give forensic audit report to ED, police, ICAI, orders SChttps://indianexpress.com/article/india/amrapali-case-forensic-audit-report-be-given-to-ed-police-icai-orders-sc-5937394/

Amrapali case: Give forensic audit report to ED, police, ICAI, orders SC

It also ordered disbursement of Rs 7.16 crore to National Buildings Construction Corporation (NBCC) for completion of stalled projects under Amrapali group of companies.

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The SC also ordered Noida and Greater Noida authorities to set up nodal cell to provide completion certificates to home buyers.

The Supreme Court Monday ruled that forensic audit report should be given to the Enforcement Directorate (ED), Delhi police and Institute of Chartered Accountants of India (ICAI) for action against Amrapali directors and auditors.

It also ordered disbursement of Rs 7.16 crore to National Buildings Construction Corporation (NBCC) for completion of stalled projects under Amrapali group of companies and told Noida and Greater Noida authorities to set up nodal cell to provide completion certificates to home buyers.

The SC bench of justices Arun Mishra and U U Lalit also directed the authorities to depute one officer not below the rank of deputy manager to coordinate with senior advocate Venkataramani in dealing with the affairs of Amrapali. It scheduled the matter on September 11 for further hearing.

The apex court last month had cancelled the registration of all Amrapali group of companies under the Real Estate Regulatory Authority and the lease of its properties granted by Noida and Greater Noida authorities. The court also asked the Enforcement Directorate to conduct a detailed investigation against the group for diverting homebuyers’ money.

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The SC bench headed by Justice Arun Mishra had then directed NBCC to complete the unfinished housing projects in Noida and Greater Noida and handover these to homebuyers.

Read | The Facade: Real estate crisis in Noida, Greater Noida

The bench had appointed Venkataramani as the court receiver who will have the power to enter into any tri-party agreement for sale of the group’s properties to recover the dues. It said the home buyers’ money was diverted in violation of the Foreign Exchange Management Act (FEMA) and the foreign direct investment (FDI) norms.

Meanwhile, the NBCC officials earlier this month had confirmed that only Rs 19 crore had been deposited in the escrow account for the Amrapali project till then and ensuring enough funds to drive the projects posed as the biggest challenge before NBCC.

“With the others, the government was the one paying NBCC to carry out projects. This case, however, is very different as these projects have been handed over to us because the original builders either siphoned off money or faced other financial challenges. Those things have not changed and getting enough money to build these houses is not going to be an easy task,” a senior Housing and Urban Affairs ministry official told The Indian Express on the conditions of anonymity.

The court has been dealing with a batch of petitions filed by home buyers who are seeking possession of around 42,000 flats, booked in projects of Amrapali Group. The company is responsible for the diversion of home-buyers’ money.

(With inputs from PTI)

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