Auditor who exposed Harshad Mehta scam to carry out forensic audit of Amrapali Group


New Delhi: The Supreme Courtroom stated on Wednesday that the 2 auditors it has appointed for forensic audits of Amrapali Group firms as additionally the belongings of its administrators since 2008 are “skilled and reputed” and considered one of them had even uncovered the notorious Harshad Mehta rip-off.

Mehta, a stockbroker, was charged with quite a few monetary crimes that came about within the Securities Rip-off of 1992 price round Rs 4,500 crores.

He was concerned in an enormous inventory manipulation scheme and his agency brokered transactions between banks.

A bench of Justices Arun Mishra and U U Lalit have appointed two auditors — Ravi Bhatia of Bhatia and Firm; and Pawan Kumar Aggarwal of Sharp and Firm — to conduct the forensic audits of Amrapali Group firms.

“We now have appointed two auditors to do forensic audit. Considered one of them has investigated Harshad Mehta rip-off and different is equally skilled, reputed and competent”, the bench stated.

It directed that the paperwork and particulars together with financial institution accounts, steadiness sheets of all of the 46 firms together with Jotindra Metal since 2008 until now ought to be given to forensic auditors.

File picture of the Supreme Courtroom of India. AP

The highest court docket additionally appointed NBCC to develop the stalled initiatives and directed Money owed Restoration Tribunal of Delhi to promote the unencumbered business properties of actual property agency Amrapali Group.

It directed an escrow account to be opened within the apex court docket by which quantity obtained after sale of properties of Amrapali ought to be deposited and later dispersed to NBCC for beginning building of the pending initiatives in Group A and B Classes.

Residence consumers have moved the apex court docket in search of refund or flats from Amrapali which is dealing with insolvency proceedings.

They’ve accused the realty agency of fraud and inordinate delays in giving possession of properties.

NBCC had provided to the court docket that it could begin building on the 15 stalled initiatives with a capital of Rs 1,000 crore and the remaining quantity of Rs 7,500 crore could possibly be given in quarterly installments of Rs 250 crore.

The highest court docket had additionally introduced CMD of Amrapali Group Anil Sharma underneath its scanner for declaring his belongings price Rs 67 crore, as in opposition to Rs 847 crore, in his election affidavit filed in the course of the 2014 Lok Sabha polls.

He had unsuccessfully contested as a JD(U) candidate from Bihar’s Jehanabad constituency.

The NBCC had given a proposal for completion of 15 residential initiatives of Amrapali having 46,575 flats at an estimated price of Rs 8,500 crore in 6-36 months.



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