Statue of Unity sculptor’s kin among 5 in dock for failure to deliver Greater Noida housing project
The five directors of the realty firm Intellicity Business Park Private Limited are Vikas Bhagat, Manoj Chaudhary, AK Aggarwal, Sameer Sutar, and his father Anil Ram Sutar. Anil Ram Sutar is the son of renowned sculptor Ram V Sutar, who recently raised the Statue of Unity in Gujarat.Updated: Nov 28, 2018 15:49 IST
The Uttar Pradesh real estate regulatory authority (Up-rera) on Tuesday ordered seizure of passports of five directors of realty firm Intellicity Business Park Private Limited for its failure to deliver housing projects in Greater Noida’s Sector Techzone-iv as it had promised..
This came a day after the authority ordered a similar action against directors of Primrose Infratech Private Ltd.
The five directors of the firm are Vikas Bhagat, Manoj Chaudhary, AK Aggarwal, Sameer Sutar, and his father Anil Ram Sutar. Anil Ram Sutar is the son of renowned sculptor Ram V Sutar, who recently raised the Statue of Unity in Gujarat.
“The forensic audit of the realty firm should be completed in three weeks to establish whether the directors diverted funds collected from homebuyers. The auditor will also prepare a report how this project can be revived,” Balvinder Kumar, member, Up-rera, said.
A forensic audit is a process used to determine whether a business or firm has resorted to fraudulent practices.
The bench 2 of Up-rera, which has retired IAS officer Balvinder Kumar and retired IPS officer BP Singh as members, delivered this judgment after a group of buyers alleged that the builder has failed to deliver the project as per promises made at the time of sale.
The bench has also directed the Greater Noida authority to prepare details of all assets, movable and immovable, of the realty firm, which was supposed to prepare a mixed-use project on 25 acres of land.
“We have also issued a show cause notice to the five directors, asking them to reply within the next 10 days. We have taken tough action against the directors because they were not present in the court on the hearing date. We have also ordered that the passport of the five directors should be submitted at the regional passport office to ensure that they do not leave country,” Kumar said.
The Up-rera order has also made it clear that the directors will not be able to make any sale, transfer or mortgage any assets of the property under question.
The builder has finished only 20% development at this 25 acres project. The delay has affected around 1,900 investors. The builder had proposed retail spaces, commercial area, residential villas and studio apartments at the project site, which was launched in 2010-11 with the promise of delivery in 2013-14. The builder had long ago also stopped paying the assured return on the invested money.
The Gautam Budh Nagar district administration had sealed the site after reports of illegal mining.
“The administration needs to recover around Rs 3 crore from the builder. The Sutar family (Sameer Sutar and his father Anil Ram Sutar) entered into a dispute with their three partners. But they are directors of the company,” said Kumar.
The buyers had filed cases against the builder in December, 2017.
Three directors of the realty firm were unavailable for comments. However, Anil Ram Sutar defended himself and his son Sameer. “Whatever funds were collected from homebuyers for the realty project were siphoned off by the (other) three directors for their use. We had also demanded for a forensic audit. Now we hope that the forensic audit will establish who misused the buyers’ money. We are also a victim because the other three partners cheated us,” Anil Ram Sutar, one of the five directors, said.
First Published: Nov 28, 2018 15:41 IST