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Amrapali Asked To Disclose Property, Money Transfers Details: 10 Points

The top court made it clear that Amrapali Group is required to disclose "in clear terms" every activity involving transfer of money since 2008.

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Amrapali Asked To Disclose Property, Money Transfers Details:  10 Points

The Supreme Court posted the matter for further hearing on December 5

Cracking whip on the embattled Amrapali Group, the Supreme Court warned the developer to reveal, by December 3, details of all its properties in the name of directors, their family members, relatives, chief financial officers and statutory auditors. The top court made it clear that Amrapali Group is required to disclose "in clear terms" every activity involving transfer of money since 2008. It asked the Amrapali Group and its officials to comply with all its directions. The case relates to non-delivery of flats to around 42,000 homebuyers.
Here are 10 things to know:
  1. "If all the disclosures are not made by Amrapali Group and its directors then the writing is very clear on the wall," the top court said, warning the company over its repeated non-compliance and "hood-winking" of its orders.
  2. After Tuesday's order, Amrapali Group will have to disclose each and every detail and activity, including financial transactions by which homebuyers' money was transferred.
  3. The court made it clear that the company is required to disclose details of assets of all the directors since 2008, assets created in the name of their family members, relatives, chief financial officer and statutory auditors.
  4. Besides, the court asked Amrapali to furnish details of the land which has been sub-leased, the structures raised on it and the financial benefits to the company.
  5. The Supreme Court also ordered the group, its directors and promoters to comply with every direction passed by it since May 2017.
  6. It directed the concerned banks and authorities to cooperate with the forensic auditors, stating that any non-compliance will be treated as contempt of court.
  7. The registry of the court has been directed to accept a demand draft of Rs 1 crore given by Amrapali CFO Chander Wadhwa, and asked the group to depute four persons for assisting the forensic auditors in their investigation of the company's affairs.
  8. The court had, in its November 13 ruling, ordered the CFO to deposit Rs 11.69 crore with its registry. The Supreme Court had also attached the company's 100-bed multi-speciality hospital, bank accounts, the building which houses its office, certain firms and a "benami" villa in Goa.
  9. The bench posted the matter for further hearing on December 5.
  10. Amrapali Group has been facing the wrath of the law after homebuyers moved the top court for not receiving their flats on time.

(With inputs from PTI)





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