NOIDA: Since October 11, 2018, Anil Sharma has been going through interrogation at the Park Ascent in Noida because the funds of his company, Amrapali, have been scrutinised and the Supreme Court requested auditors to appear into diversion of cash amassed from homebuyers.
The scales have been huge, an excessively long way from 2003 when Amrapali put its first dot on the actual estate map with a housing venture of 140 apartments (Exotica) in Noida. As an actual estate company, Amrapali’s graph climbed north from there, as did Sharma’s standing as a businessman that saw him build an empire spanning 24 cities, diversify into hospitality, well being care, FMCG and Bollywood and likewise check out a profession in politics before the debts fixed and the road abruptly wound up.
An IIT-Kharagpur graduate, Sharma built his empire in a decade. His stature amongst friends grew at a similar tempo — Sharma went on to go the actual estate affiliation Credai. He additionally were given cricketer Mahendra Singh Dhoni to endorse Amrapali as its brand ambassador — Dhoni broke that affiliation in 2016 and sued Amrapali — and expanded his real estate trade no longer handiest in NCR however in cities comparable to Bhilai, Lucknow, Bareilly, Vrindavan, Muzaffarpur, Jaipur, Raipur, Kochi and Indore, amongst others. Apart from his real estate ventures, Sharma introduced Amrapali Media Vision, a media company, and produced two films — ‘Gandhi to Hitler’ and ‘I Don’t Luv U’.
Sharma was born at Pundarak, about 50km from Patna, and attended a village faculty before joining Patna Science College. He attributes his upper training to the steering and mentorship of his father, Madan Mohan Sharma, who wanted him to be a civil engineer. He went on to review BTech at NIT Calicut and an MTech (structural engineering) at IIT.
He followed up the engineering levels with an LLB and MBA and worked at National Thermal Power Corporation (NTPC) and National Project Construction Corporation (NPCC).
Sharma contested the 2014 Lok Sabha polls from Jehanabad on a JD(U) price tag however suffered a massive defeat. He next made an strive to enter Rajya Sabha however misplaced out again.
The court cases towards Amrapali started coming to light after cheques issued by way of them started bouncing. Massive protests by way of homebuyers brought consideration to what the company was doing with its price range.
Advocate Kumar Mihir, who represent homebuyers within the Supreme Court, stated Sharma’s arrest would possibly bring result in a extra targeted interrogation.
“While all his homes are presently up for sale, there has no longer been much growth (on the monetary resolution). The ultimate spherical of bids for its homes is on March 8. The initiatives aren't promoting as banks aren't allowing loans to anybody to purchase those homes, so there’s a form of freeze,” Mihir stated.
The lawyer representing Amrapali within the Supreme Court, Alok Aggarwal, refused to remark on the day’s proceedings.
The scales have been huge, an excessively long way from 2003 when Amrapali put its first dot on the actual estate map with a housing venture of 140 apartments (Exotica) in Noida. As an actual estate company, Amrapali’s graph climbed north from there, as did Sharma’s standing as a businessman that saw him build an empire spanning 24 cities, diversify into hospitality, well being care, FMCG and Bollywood and likewise check out a profession in politics before the debts fixed and the road abruptly wound up.
An IIT-Kharagpur graduate, Sharma built his empire in a decade. His stature amongst friends grew at a similar tempo — Sharma went on to go the actual estate affiliation Credai. He additionally were given cricketer Mahendra Singh Dhoni to endorse Amrapali as its brand ambassador — Dhoni broke that affiliation in 2016 and sued Amrapali — and expanded his real estate trade no longer handiest in NCR however in cities comparable to Bhilai, Lucknow, Bareilly, Vrindavan, Muzaffarpur, Jaipur, Raipur, Kochi and Indore, amongst others. Apart from his real estate ventures, Sharma introduced Amrapali Media Vision, a media company, and produced two films — ‘Gandhi to Hitler’ and ‘I Don’t Luv U’.
Sharma was born at Pundarak, about 50km from Patna, and attended a village faculty before joining Patna Science College. He attributes his upper training to the steering and mentorship of his father, Madan Mohan Sharma, who wanted him to be a civil engineer. He went on to review BTech at NIT Calicut and an MTech (structural engineering) at IIT.
He followed up the engineering levels with an LLB and MBA and worked at National Thermal Power Corporation (NTPC) and National Project Construction Corporation (NPCC).
Sharma contested the 2014 Lok Sabha polls from Jehanabad on a JD(U) price tag however suffered a massive defeat. He next made an strive to enter Rajya Sabha however misplaced out again.
The court cases towards Amrapali started coming to light after cheques issued by way of them started bouncing. Massive protests by way of homebuyers brought consideration to what the company was doing with its price range.
Advocate Kumar Mihir, who represent homebuyers within the Supreme Court, stated Sharma’s arrest would possibly bring result in a extra targeted interrogation.
“While all his homes are presently up for sale, there has no longer been much growth (on the monetary resolution). The ultimate spherical of bids for its homes is on March 8. The initiatives aren't promoting as banks aren't allowing loans to anybody to purchase those homes, so there’s a form of freeze,” Mihir stated.
The lawyer representing Amrapali within the Supreme Court, Alok Aggarwal, refused to remark on the day’s proceedings.
The making and unmaking of a realty tycoon
![The making and unmaking of a realty tycoon]()
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March 01, 2019
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