The Supreme Court on Wednesday ordered the attachment of more properties of the beleaguered Amrapali group, which is facing suits by homebuyers for alleged diversion of money collected by some of the group’s firms. In an interim direction, the apex court ordered the attachment of Amrapali’s five-star hotel, FMCG company, corporate office and malls.
In an order on November 14, the bench ordered attachment of a multi-specialty hospital owned by the group in Greater Noida; a tower in Sector 62 Noida where the group’s office is located; a villa in Goa purportedly purchased with funds of the group; and property and accounts of a company, Gauri Suta Infrastructures Pvt Ltd, to which the group allegedly diverted funds.
According to a report of the court-appointed forensic auditors, Amrapali diverted money to invest in Gauri Suta. The company lawyers failed to divulge its ownership details. The court had then expressed displeasure after it was informed that the group continued to violate orders asking it to provide complete details of investments to the forensic auditors.
The fresh SC directions come after group CMD Anil Sharma admitted to the diversion of Rs 2,996 crore to other companies for expanding the business, which resulted in fund crunch for completing housing projects. In an affidavit before the SC, Sharma had placed all the monetary transactions of 46 group companies and said Rs 5,980 crore was spent on creating other properties like malls, resorts etc.
The CMD and two directors are presently under police surveillance at a hotel in Noida.