Daijiworld Media Network - New Delhi (SHP)
New Delhi, Jul 23: On Tuesday, the top court cancelled all the registrations of Amrapali group and issued a directive to state-run National Buildings Construction Corporation to complete the unfinished projects.
A bench consisting of Justice Arun Mishra and Justice U U Lalit, cancelled the leases of Amrapali's properties granted by the Noida and Greater Noida authorities and urged the Enforcement Directorate to carry out a probe in the alleged money laundering done by CMD Anil Sharma and other top officials of the group.
The bench appointed senior advocate R Venkataramani who will receive all the rights of Amrpali properties after lease is cancelled. By this means, Venkataramani will have authority to enter into agreements for sale of the group's properties so as to recover the dues. The top court cancelled the group's registration under the Real Estate Regulatory Authority, stating that the group violated the Foreign Exchange Management Act (FEMA) and foreign direct investment (FDI) norms.
Further, the bench provided relief to over 42,000 hassled home buyers, when they directed Noida and Greater Noida authorities to provide completion certificates to the buyers residing in various projects of the group.
A directive was also issued where strict action against the builders was to be carried out for failing to meet the deadlines for the completion of the projects. On May 10, the apex court reserved the verdict when Noida and Greater Noida authorities claimed of having lack of resources and expertise required to construct the pending projects of the group.
The court then appointed forensic auditors Pawan Aggarwal and Ravinder Bhatia who found financial irregularities in Amrapali Group. The auditors even submitted an initial report which explained the financial affairs of the group, where Rs 3,000 crore of home buyers’ money got directed to other projects.
Back in February 28, Sharma and two directors were arrested by the Delhi police on the orders of the court for cheating and duping the home buyers. Further, the top court, also ordered that the personal properties of the CMD and its directors Shiv Priya and Ajay Kumar be attached as well.