Three directors of real estate firm Amrapali sent to police custody

Three directors of real estate firm Amrapali sent to police custody
10/10/2018 , by , in News/Views

The Supreme Court today ordered three directors of real estate Amrapali group to be taken into police custody because they hadn’t handed over documents relating to its accounts to forensic auditors.

A bench of justices Arun Mishra and UU Lalit said the company directors had been “playing hide and seek” with the court and told the police to keep the directors – Anil Kumar Sharma, Shov Priya and Ajay Kumar – in custody for as long as the company doesn’t submit its accounts.

The three were taken away from the court premises. By not providing the documents, the judges said the company directors were “trying to interfere with the administration of justice”.

The court will hear the case on October 24. On 24 September, the judges had ordered the company to hand over all documents within 24 hours after hearing the company’s former auditor Anil Mittal told the court that over Rs 2,900 crore invested by homebuyers was diverted by nine companies to buy shares in 37other companies.

The top court was also told that no income tax returns were filed by the company between 2015 and 2018. The judges have already brought in the state-owned National Buildings Construction Corporation Ltd (NBCC) to complete 16 Amrapali projects in Noida and Greater Noida.

Last month, the court had also appointed a debt recovery tribunal officer to oversee the sale of unencumbered assets of the beleaguered real estate company to raise funds to complete Amrapali’s unfinished housing projects.

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