Amrapali CMD not the first businessman to face court's ire

New Delhi, Feb 28 (IANS) Amrapali Group Chairman and Managing Director Anil Kumar Sharma, whose arrest by Delhi Police has been allowed by the Supreme Court, is not the only businessman to have faced the court's ire, with the top court earlier taking strict action against other corporate figures for duping investors.

In March 2014, the Supreme Court sent Sahara group head Subrata Roy to the Tihar Jail after India's market regulator, Securities and Exchange Board of India (SEBI), said that two of his group companies had not returned Rs 24,000 crore collected from investors in 2008-09 as directed by the court in 2012.

Real estate major Unitech's Managing Director Sanjay Chandra, and his brother Ajay Chandra are still in jail as the apex court rejected their bail plea after their arrest by the Delhi Police in April 2017 on complaints of cheating filed by home-buyers, who were not handed over apartments in the company projects as promised.

The Supreme Court on Thursday allowed Delhi Police's Economic Offences Wing to arrest Sharma as well as two other Amrapali Group directors, Shiv Priya and Ajay Kumar, in a cheating case.

All three are in custody of UP Police since October 9, following a Supreme Court order after they failed to hand over all documents related to their 46 companies to forensic auditors.

--IANS

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