Auditors Ravi Bhatia and Pawan Kumar Aggarwal, who were entrusted the task by the apex court to track the trail of diversion of over Rs 2,765 crore of homebuyers' money by conducting forensic audit of all 46 companies of the group, said in their report that the amount received from buyers was always higher than the project cost and liability towards Noida authority for land cost and lease agreement but the company diverted the funds for other purposes which led to financial crunch causing delay in construction.
Amrapali Group's dealings highlight the need to protect homebuyers from fraud
The auditors filed report after examining the transaction details of two out of 46 companies of the group-Amrapali Sapphire Developers Private Limited and Amrapali Zodiac Developers Pvt Ltd. It said that Amrapali Sapphire had advanced a sum of Rs 129 crore to group companies and that it had to examine the purpose why the amount was given. According to the report, Rs 100 crore of homebuyers' money in the project was invested in shares of Amrapali Infrastructure and Rs 36 crore was given to other companies, which is still outstanding. The report said that CMD Anil Sharma and director Shiv Priya were given Rs 2.41 crore by the company under the garb of professional charges.
"The company has refunded certain amounts to few individuals who had booked flats. The amount refunded in excess of their booking amount is Rs 2.47 crore. It still needs to be verified as to why the excess amount was refunded to them on cancellation of their bookings," the report said.
With regard to Amrapali Zodiac, the report said that some companies were incorporated for the specific purpose under the cover 'Advances to Suppliers' and around Rs 242 crore were transferred to those companies from homebuyers' fund.
In the meantime, advocate ML Lahoty filed an application accusing the group of not disclosing the names of all directors of 46 companies as directed by the apex court. Lahoty, appearing on behalf of homebuyers, said there are at least 102 directors/ex-directors and not 92 as claimed by Amrapali.
Homebuyers said in their application that Lahoty learnt there are at least 102 directors/ex-directors and not 92. "It seems that 16 more names of the directors/ex-directors has not deliberately been divulged. The list of 16 directors includes relatives of promoters and directors of the group, including two daughters of Amrapali CMD Anil Sharma-Swapnil Shikha and Deep Shikha, and his wife Pallavi Mishra," they said.
The court will examine the report filed by auditors and Lahoty's application on Friday.
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