LR 23 : Solid reply to builder's claim about Amrapali, La Residentia and Stunning relation and Heart Beat City
The builder is trying his best to confuse people about separate identities of Amrapali ,La Residentia and Stunning. He is also claiming that there is no similarity between LR and Heart Beat City
As per builder,
ALR minus Stunning is equal to La Residentia
But the findings of forensic audit as mentioned clearly in court order dated 23-7-2017 are not what the builder thinks.
What are the findings in this regard which is already a part of Supreme Court judgement, let's see
Preliminary submission 4 : LR is not similar to Heart Beat City
ALRFBWA:
There are a number of similarities.
Both were not present in the initial list of 40/46 companies given by Amrapali. The only difference is that LR case was not presented while HBC case was being presented. This was because buyers were not having idea and knowledge and were not organized as an active association as they are today.
Even the Honorable Supreme court , in elaborating the findings of forensic audit, in the past judgment dated 23-7-2017 have mentioned HBC and LR on equal footing on several places like
Ref page 99 of judgment:
Chander Wadhwa is one of the masterminds along with the other promoters directors behind the whole scam. He facilitated movement of funds by creating a web of companies within and outside the group. His relatives were made partner investor in LA Residentia and Heart beat city projects. Funds were invested in Patel Advance JV (Neo Town project Noida) and Euphoria Sports City.
Ref page 118 of judgement
16. Group investment in other projects
The group started demerging and delinking the good projects from the brand name “Amrapali” though these projects were initially launched as Amrapali projects. The said projects identified till the date of writing of the report are La Residentia, Vinayaka square, Heartbeat City, O2 Habitat. La Resident
Regarding Heart Beat City and La Residentia, Supreme court findings are similar
Ref Page 169 , the following is written about HBC
The project is in the name of 3 companies namely Pebbles Prolease Private Limited, Three Platinum Softech Private Limited and Baseline Infradevelopers Private Limited.
The project is an Amrapali group’s project which was carved out from Amrapali Group of companies while case was pending before Honorable Supreme Court.
Funds were invested in the project from Amrapali Group through Mr. Amit Wadhwa, Mr. Amit Wadhwa was a partner of 25% each in Pebbles Prolease Private Limited and Three Platinum Softech Private Limited.
Amrapali Group launched and advertised the project as Amrapali Group project and the project was named as Amrapali Heartbeat City Developers Private Limited in the agreements.
Corporate office was having the same address as Amrapali Corporate Tower in Sector 62, Noida. The purpose of carving out the project from Amrapali is not known.
Now refer similar things written about La Residentai in page 192-193
La Residentia Developers Private Limited The consortium of five members was created, which was controlled by Amrapali Group.
The shareholders and directors were just acting faces for 193 outsiders.
There was diversion of funds since beginning of the project itself.
The company purchased raw material from Amrapali Infrastructure Private Limited amounting to Rs.67.45 lakhs, but not even a single penny was paid since then. The loan amount of Rs. 49 crores were taken. On the other hand, there was withdrawal by Directors and advances given to the related parties and entities.
Amrapali Group transferred some of their buyers to La Residentia Developers Private Limited and the payment for the same was received by Amrapali Group. They were reflected as customers in the customer data of Amrapali Group.
The company is using the brand name/trademark of Amrapali Group on its letterheads.
Ref page 188 of judgment:
(i). The Directors along with trust partners discreetly divided the projects into two parts: (i) Projects in which home buyers funds were received and funds were diverted from these projects; (ii) Projects to which home funds were diverted. These projects were subsequently separated/demerged from Amrapali Group, e.g., Heartbeat City, La Residentia, Vinayaka Square.
Ref page 189 of Judgement
As is apparent from the report, several companies were created only to route the funds and transactions consisting of office boys, persons with no income and dummy companies in which family members and relatives were inducted as members only for few transactions, which are as under:………
…….
Sl no 1 : …
Sl no 4 : (4) Stunning Construction Private Limited As per findings of the Forensic Auditors, they should either surrender 19.75 percent of land or 632 flats.
NOW WHO CAN SAY THERE IS NO SIMILARITY BETWEEN LR AND HBC
NEXT ISSUE: STUNNING CONSTRUCTION
It is widely spread rumor that the share of Amrapali in La Residentia is limited to 632 units which have already been taken away in the form of Stunning’s share and the remaining portion is purely La Residentia
Reality : In the findings of Forensic audit, both Stunning and La residentia are fabricated units of Amrapali
First of all let’s see what court has written about Amrapali
Ref court order dated 23-7-2017 p
age 192-193
La Residentia Developers Private Limited The consortium of five members was created, which was controlled by Amrapali Group.
The company purchased raw material from Amrapali Infrastructure Private Limited amounting to Rs.67.45 lakhs, but not even a single penny was paid since then. The loan amount of Rs. 49 crores were taken. On the other hand, there was withdrawal by Directors and advances given to the related parties and entities.
Amrapali Group transferred some of their buyers to La Residentia Developers Private Limited and the payment for the same was received by Amrapali Group. They were reflected as customers in the customer data of Amrapali Group.
The company is using the brand name/trademark of Amrapali Group on its letterheads.
Ref p118 of judgement: forensic audit findings
As per the discussion with directors of La Residentia Developers Private Limited, they broke up with Amrapali group in 2017. 2017 is the year when writ petition was filed before the Honorable Supreme Court.
So it is clear that La Residentia in full is a part of Amrapali( NOT ONLY IN OUR KNOWLEDGE BUT IN SUPREME COURT'S OPINION ALSO)
Now the question arises why only 19.75% share of La residentia was separated as Stunning’s portion.
This was because Stunning’s properties were hidden in different projects and court was weeding out all such properties hidden in all projects. In course of that action, the 19.75% part hidden in La Residentia was also detected and taken out.
Let’s see what the court has written about Stunning
Stunning is among 40 companies declared by Amrapali as belonging to them and thus forensic audit and money trail of stunning was separately followed .( Ref page 21 of judgement)
Stunning had 11 % share in DSL homes( Page 40 of judgement dated 23-7-20)
• Stunning construction is one of the Amrapali Group Company listed in 46 companies.( p41 of judgement)
Since Amrapali had already accepted that Stunning is their part, it was first job of court to weed out all Stunning parts from all projects.But it never meant that Supreme court has not detected that La Residentia which is not in Amrapali’s self detected list, is also a part of Amrapali.
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