• SENSEX
    NIFTY 50
Legal

Supreme Court cancels Amrapali Group's RERA registration, asks NBCC to complete pending projects

Updated : July 23, 2019 11:01 PM IST

A bench, comprising Justice Arun Mishra and Justice U.U. Lalit, also noted that Amrapali Group had committed a major violation of FEMA and FDI norms and directed the ED to register a money laundering case against the company, its CEO and managing director, and directors.
The court observed that Amrapali Group's top management diverted homebuyers' money to build their personal assets, instead of completing its housing projects.
Reserving a verdict in the case, the apex court had on May 10 noted that the homebuyers had already paid the company Rs 1,100 crore, which was more than the cost of its projects.
primo org
Have you signed up for Primo, our daily newsletter?
It has all the stories and data on the market, business, economy and tech that you need to know.
cnbc two logos
To keep watching CNBC-TV18, India's No. 1 English Business News Channel, call your Cable or DTH Operator and subscribe now for just Rs. 4 per month. You can also subscribe to CNBC-TV18 Prime HD for Re 1/- per month.Find out more

You May Also Like

Live TV