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Supreme Court gives relief to 42 thousand Amrapali customers, complete project will complete NBCC

Business

  • Amrapali Builder’s customers had reached the Supreme Court when the time was not received.
  • Court rejects RAW registration of Amrapali companies, directs inspection of money laundering against CMD
  • Center and state governments should take proper action on builders who do not complete the project on time: Supreme Court

new Delhi. Supreme Court ruled on Tuesday in case of Amrapali Builder fraud The court directed the National Building Construction Corporation (NBCC) to complete the incomplete projects of Amrapali in Noida and Greater Noida and hand over to the customers. The court also canceled the registration of companies of Amrapali Group.

Amrapali violates FEMA: Supreme Court

The bench of Justice Arun Mishra and UU Lalit directed the Enforcement Directorate to investigate the money laundering against Amrapali CMD Anil Sharma, other directors and officers. The court has said that Amrapali Group has violated the rules of the Foreign Exchange Management Act (FEMA) and FDI. The Supreme Court has asked the Central and State Governments to take appropriate action against the builders who do not complete the project on time.

Noida, Greater Noida Authorities Complaint With Amrapali: Court

The Supreme Court also canceled the lease of all the projects of Amrapali. Noida and Greater Noida Authorities had issued leases. The court said that Noida and Greater Noida Authority have the right to sell properties of Amrapali Group for outstanding recovery. It also said that these authorities cooperated with Amrapali to divert the amount of customers. The authorities did not work according to the law. Instructed both of them to give compliance certificates to customers living in Amrapali’s projects.

In the case of Amrapali, the court reserved the verdict on May 10. Noida and Greater Noida Authorities had said that they do not have the expertise of resource and construction work to complete Amrapali’s projects. Both of them had taken the decision to hand over the project of Amrapali to a reputable builder under the supervision of a high-level committee. The Supreme Court had said that NBCC may be an option to handle Amrapali’s project.

Enforcement Directorate has already filed a case of money laundering filed against the Amrapali Group and promoters this month, the Enforcement Directorate (ED), who has already filed the money laundering case. The agency gave this information on Tuesday. Taking cognizance of 16 FIRs lodged in Noida against Amrapali, the Lucknow office of the ED had filed a case under the Prevention of Money Laundering Act (PMLA). The agency wants to inquire with Amrapali promoters. Also, the search for such properties is being done that can be attached.

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