Amrapali Group directors submitted their passports to DM

Amrapali Group directors submitted their passports to DM
16/08/2017 , by , in News/Views

The directors of Amrapali Group submitted their passports to the District Magistrate B. N. Singh on Sunday.  They assured stakeholders and buyers that they are not going abroad and that they will work to deliver their flats.

The directors, Anil Kumar Sharma, Ajay Kumar and Shiv Priya submitted their passports and also an eight-page letter to the district administration. The move comes after Bank of Baroda approached National Company Law Tribunal (NCLT) for initiating proceedings for insolvency against the developer, for defaulting on loans. The order remains reserved with NCLT.

The directors of Amrapali Group said that they will continue to work to ensure all projects are completed and handed over to buyers. In the letter submitted to DM at his office, the directors said, “There is no need for panic and worry. We aim to remove fear in public that we will run away from India, leaving investors high and dry. Hence, we’re providing you passport details of the three directors, and we’ll not proceed to go out of the country without informing you.”

The directors added they do not wish to go out of the country unless absolutely necessarily for company work or a family exigency. “We do not have any residence abroad, and have not applied for resident visa anywhere,” they said. The developers assured that they remain resolute for the development of projects despite the fact there are issues including stays granted in land acquisition proceedings, NGT orders and current stay on account of farmer petitions. DM B. N. Singh said he has accepted the letter and passports of the three directors.

According to buyers around ten projects of Amrapali group are incomplete and delayed in Noida and Greater Noida. A group of home buyers are also on hunger strike at its corporate office in Sector 62 demanding completion of Amrapali Dream Valley in Zone 4, Noida West. The buyers claimed only around 30% of the project’s work have been completed, while they have already paid in full.

The company officials said they have taken measures for delivery of flats. They said they took steps to shift the buyers from towers which had become unviable due to various court orders and stays granted, to towers where similar floor space index and maps are approved. The company has also opened escrow accounts, so that construction takes place under the supervision of buyers’ representatives. In some projects, the officials said they have set up mechanism of converting the projects to self-financing ones, thereby ensuring that the entire development work would be done through buyers’ representatives.

The company officials said there are several projects in Noida and Greater Noida, and they are committed to the delivery of the homes, shops and commercial establishments to buyers, and sought their support.

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