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Selling directors’ properties only way to secure Rs 5,112 cr from Amrapali: SC
New Delhi, Aug 21 (IANS) The Supreme Court on Tuesday said that the only way to secure over Rs 5,112 crore from real estate major Amrapali Group for construction of pending projects by the NBCC (India) Ltd is to sell the individual properties of the directors of the company.
A bench of Justice Arun Mishra and Justice U.U. Lalit said that residential projects of Amrapali in the National Capital Region seem prima facie illegal and its real estate business is like “a well-operated cobweb”.
Amrapali Group has to “come out with clean hands”, the bench observed while directing it to provide detailed data of its unencumbered properties.
The court said: “It seems that it is a well-operated cobweb and once you get into it, you would not be able to come out of it. They have such huge liability to pay to NOIDA, Greater NOIDA, property taxes and secured creditors that what will be left after selling its unencumbered properties is pittance.”
The bench asked the realtor to file an affidavit in seven days having details of all the directors who have even served for a few months in the group and their individual properties and bank accounts, and made it clear that it would not touch the bona fide directors.
It also asked the group to clear the pending dues of electricity in the projects, observing that it is the company’s prime responsibility to clear all arrears.
On August 8, the apex court had asked the directors of the group to file details of all their movable and immovable assets along with valuation, and warned them that they would be rendered homeless if they try “to play smart.”
The court had clarified that all the properties of the directors would be sold if the company failed to raise Rs 5,112 crore required to complete its unfinished housing projects and directed the company to furnish details on how it intends to arrange the money.
On August 1, the bench had slammed the group for playing “fraud and dirty games” with it and ordered freezing of bank accounts of all the directors of its 40 firms, besides attaching their personal properties.
Public sector undertaking NBCC (India) Ltd — formerly known as National Buildings Construction Corporation Ltd — was also directed to take over all the 16 unfinished projects of the Amrapali Group.
The real estate group is yet to hand over possession of flats to around 40,000 home-buyers.
The apex court has been hearing a batch of pleas filed by home-buyers who have sought quashing of the National Company Law Tribunal order to admit insolvency proceedings against the group.
The buyers belong to low and middle income groups and must be granted equal protection as other stakeholders, the financial and operational creditors, the home buyers’ plea said.
–IANS
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Dr. Abhishek Verma Dedicates a Shelter in Memory of His Mother, Veena Verma, at KGMU; Inaugurated by Daughter Nicolle Verma
World-renowned business tycoon Dr. Abhishek Verma has supported Foodman Vishal Singh’s Hunger-Free World mission. In memory of his mother, Late Veena Verma, who was a 3 term Rajya Sabha MP.
Dr. Verma dedicated a state-of-the-art free permanent shelter for the attendants of patients at KGMU Medical University, Lucknow, under the aegis of Vijay Shree Foundation. His daughter, Nicolle Verma, inaugurated the shelter.
During the event, Foodman Vishal Singh honored Nicolle Verma by presenting her with a memento. Mrs. Nidhi Sharma and Avantika Yadav, associated with the organization, welcomed her with garlands. Following this, Nicolle Verma distributed essential items to the attendants and also handed out fruits. She became emotional remembering her grandmother on her birth anniversary.
On this occasion, she also inaugurated the “Veena Verma Sevalaya” in memory of her grandmother, Veena Verma, to serve the attendants. She expressed, “I feel proud that my family is engaged in nation-building as well as social service. Today, in collaboration with Vijay Shree Foundation founder Foodman Vishal Singh Ji, I feel immensely proud to dedicate this shelter for the poor, helpless, and needy attendants of patients battling serious illnesses like cancer. I am honored to be associated with the Hunger-Free World Mission for humanity.”
Inspired by the continuous humanitarian service provided by Vijay Shree Foundation over the past 17 years, Nicolle Verma donated 10 lakh rupees to support the cause. The purpose of this donation is to ensure that services continue for the needy attendants of patients suffering from severe illnesses in hospitals, as facilitated by Foodman Vishal Singh.
It is noteworthy that Dr. Abhishek Verma’s family has a legacy of public and philanthropic service. They are helping millions to carry forward the values and service work of their parents. On the occasion of his mother’s birth anniversary, Dr. Abhishek Verma dedicated this state-of-the-art permanent shelter at Lucknow Medical College to serve the attendants of patients through the Vijay Shree Foundation.
Supporting Foodman Vishal Singh’s Hunger-Free World mission, Dr. Abhishek Verma assured that he would continually support keeping this flame of humanity alive. He also promised to assist in providing medicines to the helpless patients.
Continuing her grandmother’s legacy of service, Nicolle Verma personally served food to the needy patients and attendants. She said, “It is our good fortune to have received the joy of doing this noble work today through Foodman Vishal Singh. I have taken another step forward in carrying my family’s values and cooperation by joining hands with the Vijay Shree Foundation. My father taught me to serve and help the needy, and I feel happy when I bring a smile to someone’s face.”
On the birth anniversary of the late Veena Verma, the event organizer, Vijay Shree Foundation founder Foodman Vishal Singh, said, “We feel proud and happy that Dr. Abhishek Verma, a globally renowned business tycoon, has extended his support to uplift our country from the hunger index. Today, on his mother’s birth anniversary, he inaugurated a state-of-the-art permanent shelter at Lucknow Medical College, which will always be helpful for the needy attendants of patients. It is a pleasure for me and the organization to receive the affection of Mr. Verma.”
The event was attended by General Manager Verma Family Office Hemant Garg, Sonu Rajput, and the organization’s volunteers, including Sandeep Singh, Parmeshwar Ji, Prashant Rao Gautam, Balram Singh, Ramesh Chaudhary, Suman, Jeetu, Anil, Suraj, Vinay, Manish Bhadauria, Manas Mehrotra, Vivek, Apurv, Happy, and others.