New Delhi: Delivering its landmark judgement on the Amrapali case earlier this week, the Supreme Court has made scathing remarks against a number of players involved, including noted global and domestic corporate entities.
Among the major names that figure is of ICICI Prudential Asset Management Company, which connived with the Amrapali Group in the diversion of funds, the apex court order said.
Citing the forensic audit report of the realty firm, the SC order said that the ICICI Prudential AMC had given a sum of around Rs 74 crore on account of debentures issued by Amrapali Sapphire Developers Private Ltd during the financial year 2011-12.
The debentures carried an annual interest rate of 17%.The forensic audit found that there was a “gross non-compliance” of the investors cum-shareholders agreement dated December 16, 2010, thrugh non-appointment of directors,
non-operation of bank account by joint signatory of investor, non-utilisation of funds as per the investment-cum-shareholders agreement and sale of flats at less than Rs 3,420 per square feet of saleable area. Many other clauses of this agreement were neither followed nor their application ensured by the investor, the order said.
Describing the investment-cum-shareholders agreement as “merely sham documents” which were never complied with, the apex court order said: “Amrapali group of companies and ICICI Prudential AMC were in connivance with each other in diversion of funds for non-specified purposes.”
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