Amrapali’s “arrangement” with Rhiti Sports Management Private Limited and Amrapali Mahi Developers Private Limited came to light during a forensic audit ordered by the top court of the real estate developer in 2018.

The Amrapali Group of Companies paid Rs 42.22 crore to Rhiti Sports Management Private Limited between 2009 and 2015, the court was told. Of the sum, Rs 6.52 crore was paid by Amrapali Sapphire Developers Private Limited.  While Dhoni, also known as Mahi, has a major stake in Rhiti Sport, Sakshi is a director of Amrapali Mahi. Dhoni was a brand ambassador for the group until three years ago.

The audit showed that agreements made for “payment of amounts to Rhiti Sports Management Private Limited Company are sham agreements and made just for making payments to Rhiti Sports Management Private Limited.  We feel that homebuyers money has been diverted illegally and wrongly to Rhiti Sports Management Private Limited and should be recovered from them as the said agreement in our opinion do not stand the test of law”, justices Arun Mishra and UU Lalit said in a 270-page order.

Amrapali Mahi Developers Pvt Ltd received share capital in cash and all expenses were paid in cash, the audit report said.

Dhoni, husband of Sakshi Singh Dhoni (director of company), was the brand ambassador of Amrapali Group. Dhoni carried out a number of transactions with respect to endorsement of the group’s projects. He entered into agreements with other group companies, the audit report submitted by Pawan Kumar Aggarwal and Ravinder Bhatia said.

Meanwhile, Rhiti Group has clarified that the observations mentioned in “forensic report (only) are bereft of proper information or relevant documents. The company has been in possession of all information and relevant documents that can establish the clean image and that the observations made in the said report are incorrect.”

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Providing relief to the Amrapali home buyers in Uttar Pradesh’s Noida and Greater Noida, the top court handed over all pending projects to the National Buildings Construction Corporation Limited (NBCC). As many as 42,000 flats are awaiting completion in various Amrapali projects.

The court cancelled registration of Amrapali under RERA, thereby banning the real estate company from undertaking any housing project even in future.

A bench headed by Justice Arun Mishra held that Noida and Greater Noida authorities were complicit as builders played a fraud upon the home buyers and siphoned off their money by diverting it to create personal assets of the Amrapali CMD and directors.

The court held that these authorities cannot be allowed to now receive their outstanding loan to Amrapali from these home buyers.

“They have been defrauded once and this court cannot allow them to be defrauded all over again,” said the bench as it added that even bankers cannot extract their loans from the home buyers.

According to the bench, also comprising Justice Uday U Lalit, the home buyers will pay only towards completion of their houses and they cannot be burdened with the loans Amrapali owed either to the authorities or the banks. It said that they can recover only from the assets of the Amrapali functionaries that stand attached under the orders of the court.

The bench further ordered an investigation by the Enforcement Directorate into the aspect of money laundering. It asked ED to submit periodic reports of investigation in the court.

The bench fixed August 9 as the next date of hearing.

The apex court also expanded the ambit of the petitions by the aggrieved home buyers of Amrapali, and directed the central government to take stock of pending housing development projects across all states.

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