SC pulls up Amrapali for fund diversion, calls for hearing on May 8

The Supreme Court on Thursday asked the Amrapali group as to how nearly Rs 152 crore of homebuyers’ money was spent by the company in paying the income-tax of directors of the company. The apex court asked the real estate company to be ready with its reply by the next date of hearing on May 8. 

A two-judge Bench of Justices Arun Mishra and U U Lalit came down heavily on the company and said that Amrapali committed a “first-degree crime” by cheating thousands of homebuyers of their dream homes. 

The court had also pulled up banks and said that the financial institutions had also failed in their duty by not keeping an eye on the company’s illegal activities. The banks, the courts had said, had given loans to the company without checking if the money was used for the purpose for which it was obtained.

Over Rs 9.5K cr can be recovered, forensic auditors to SC 

Forensic auditors told the Supreme Court on Thursday that Rs 9,590 crore can be recovered from the embattled Amrapali group, which has diverted Rs 3,523 crore of homebuyers money.
Amrapali’s lawyers given flats, penthouses, say auditors

In yet another startling revelation, the embattled Amrapali group gave away flats and penthouses as fees to lawyers representing it at various judicial forums, forensic auditors informed the Supreme Court on Thursday. 

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