Amrapali Supreme Court: Pay or be ready for jail

NEW DELHI: Adjusting the rope to all those who benefited from the diversion of money from Amrapali homebuyers, on Monday he said he will treat them one by one and send them all behind bars if they do not deposit the money in the Court .

The court also requested the Metal Scrap Trade Corporation Ltd public sector to auction all Group properties, which were adhered to by its order, to raise money for the rapid construction of its stagnant housing projects by the National Buildings Construction Corporation.

Irritated by the breach of his July order that orders all beneficiaries to deposit the amount within one month, a bank of judges Arun Mishra and UU Lalit said he will have no choice but to take them for contempt of court and put them after bars. In his opinion, he noted the names of companies and individuals who benefited from the diversion of funds by the Amrapali Group.

The cusp court concluded that the money from homebuyers was diverted in the amount of Rs 5,619.47 rupees to the other companies through (i) the payment of professional fees to the directors for Rs 100.53 crore; (ii) false turnover of Rs 842.42 rupees; (iii) undervaluation of floors at the rate of Rs 321.21 crore; (iv) brokerage against homes that were not sold by the company and (v) deposits between companies granted to related entities.

After noting that many of the beneficiaries had not reimbursed the amount, the court said: “We will take care of each of them one by one and send everyone behind bars. Do not make fun of judicial proceedings. Let the money be deposited first.

He directed the Sureka Group, owner of Jotindra Steel and Tubes Ltd, to deposit Rs 167 crore within six weeks in the SC register and rejected his request that he should be given the opportunity to convince the court that the Amount was not part of homebuyers' money. The court made it clear that he had approved the order after holding extensive hearings and that he could not open a pandora's box reopening the case. He also rejected the family's plea from the directors of Amrapali who claimed that they invested Rs 13 million rupees in mutual funds of their savings and that it was not part of

“We want you to deposit the amount. We can hold you for contempt. We will simply call your customers and send them from here and they will remain there until they fulfill our order. First deposit the amount to be entitled to be heard, ”warned the bank.

As the Amrapali group had allegedly diverted the money from homebuyers to obtain the lease of government land in Bhubneswar and Raipur to build residential premises, the court also ordered the Housing Board of the State of Odisha to reimburse the crore of 34 Rupees and the New Raipur Development Authority to reimburse the crore and deposit of 19 rupees the amount in the SC register. He also ordered them to invite to tender for the land auction that was previously delivered to the Amrapali Group.

According to the report that was assigned the task of taking over as a project management consultant to complete the construction of 46,575 floors in 19 projects in Noida and Greater Noida, the construction cost to complete the Group's housing projects will be around of Rs 8,500 crore.