New Delhi: Giving respite to the 42,000 beleaguered buyers of Amrapali Group, the Supreme Court on Tuesday canceled the real estate company’s Real Estate Regulation and Development) Act registration and appointed state-run National Buildings Construction Corporation Limited (NBCC) to complete all its pending projects.
A bench, comprising Justice Arun Mishra and Justice U.U. Lalit, also noted that Amrapali Group had committed a major violation of Foreign Exchange Management Act (FEMA) and foreign direct investment (FDI) norms and directed the Enforcement Directorate (ED) to register a money laundering case against the company, its CEO and Managing Director (CMD) Anil Sharma, and directors Shiv Priya and Ajay Kumar.
The court also ordered attachment of properties of the CMD and directors. The court observed that Amrapali Group’s top management diverted homebuyers’ money to build their personal assets, instead of completing its housing projects. “The top management of Amrapali Group siphoned off the money to foreign countries,” said the court.
The Enforcement Directorate (ED) has registered a money laundering case against Amrapali Group and its promoters, who allegedly failed to give possession of flats to over 42,000 buyers in Noida and Greater Noida, officials said on Tuesday. (IANS)