Summary:
Amrapali group CFO informed the court that Rs 11 crore of company’s money is parked with him and the firms of his relatives and volunteered to pay the amount in the SC registry. The auditors said they have unearthed transactions worth of Rs 500 crore to nine individuals and 15 companies and they have sought explanation from the beneficiaries. They said Amrapali Hospital in Greater Noida is worth Rs 30 crore and it was set up by home-buyers’ money and is owned by one of the group subsidiaries. “It means that it is a dummy company. We would take over assets of all such companies and let the person aggrieved by our order approach us to claim it,” the bench said.The auditors told the court that the group had started transferring home-buyers’ money to other companies way back in 2010 and in the last one year large amount of money had been withdrawn from bank accounts of various companies of Amrapali group..