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2020 Supreme(SC) 1024

SUPREME COURT OF INDIA
Arun Mishra, Uday Umesh Lalit, JJ.
Bikram Chatterji & Ors. - Petitioner
Vs.
Union Of India & Ors. - Respondent
Writ Petition (C) No.940 of 2017 With Writ Petition (C) No.160, 288 of 2018
Decided On : 28-07-2020

Advocates:
Advocate Appeared:
For the Parties :Mr. R. Venkataramani, Senior Advocate (Court Receiver) Mr. Pavan Aggarwal, Forensic Auditor Mr. Ravinder Bhatia,Forensic Auditor Mr. Tushar Mehta, Solicitor General Mr. Raghvendra Pratap Singh, Adv. Mr. Ravindra Kumar, Adv. Mr. V. Giri, Sr. Adv. Mr. Rahul Malhotra, Adv. Ms. Himanshi Madan, Adv. Mr. Rajesh P., Adv. Mr. Vikramjit Banerjee, ASG Mr. Sanjay Jain,ASG Ms. V. Mohana, Sr. Adv. Mr. Vibhu Shankar Mishra, Adv Mr. Mukul Singh, Adv. Mr. Vikrant Yadav, Adv. Mr. R. R. Rajesh, Adv. Mr. B V Balaram Das, AOR Ms. Anil Katiyar,Adv. Mr. Raj Bahadur,Adv. Mr. Prashant Singh,Adv. Mr. Vikramjit Banerjee, Ld ASG Ms. V Mohna, Sr. ,Adv Mr. Prashant Singh A,Adv Mr. Mukul Singh,Adv Mrs. Anil Katiyar, Adv. Mr. Pradhuman Gohil, Advocate Ms. Taruna Singh Gohil, AoR Ms. Pratibha Jain, Advocate Mr. Arjun Gupta, Advocate Ms. Ranu Purohit, Advocate Ms. Payal Chatterji, Advocate Ms. Tanya Srivastava, Adv. Mr. Upendra Sai, Adv. Ms. Riya Chopra, Advocate Mr Parag Tripathi, Sr Adv Mr Joy Basu, Sr Adv Mr Kanak Bose, Adv Mr Varun Sarin, Adv Mr Lalitaksh Joshi, Adv Mr. Ashok Mathur, AOR Mr. Mukul Rohtagi, Sr. Adv. Mr. Ravindra Kumar, Adv. Mr. Divyakant Lahoti, AoR Mr. Parikshit Ahuja, Adv. Ms. Praveena Bisht, Adv. Ms. Vindhya Mehra, Adv. Ms. Madhur Jhavar, Adv. Mr. Kartik Lahoti, Adv. Mr. Rahul Maheshwari, Adv. Mr. Dhruv Mehta, Sr. Advocate Mr. Jasmeet Singh, AOR Mr. Ketan Gaur, Advocate Mr. Ayush Mitruka, Advocate Mr. Ashish Bhan, Advocate Mr. Saif Ali, Advocate Mr. Pushpendra S. Bhadoriya, Advocate Ms. Rusheet Saluja, Advocate Mr. Mahesh Jethmalani,Sr.Adv Mr. Karan Kalia, Adv Ms. Anubha Agrawal, Adv Ms. Siya Chaudhay, Adv Mr. Gopal Shankarnarayanan, Sr. Adv. Mr. Raj Kamal, AOR Mr. Dk Sharma, Adv. Mr. Maheen Pradhan, Adv. Mr. Aseem Atwal, Adv. Mr. Kartavya Batra, Adv. Mr. Ramji Srinivasan Sr. Advocate Ms. Shweta Kapoor Advocate Ms. Anindita Roy Chowdhury Advocate Sayobani Basu, Advocate Ms. Urvashi Misra, Advocate Mr. Anis Ahmed Khan AOR Mr. Dhruv Mehta, Sr. Adv. Mr. Gaurav Goel, AOR Mr. Manoj Singh, Adv. Ms. Varsha Madhukar, Adv. Mr. Rajesh Kumar, Adv. Mr. Sanjay Hegde,Sr.Adv. Mr. Prashant Shukla, Adv. Mr. Abhinav Ramkrishna, Adv. Mr. Siddhartha Dave, Sr. Advocate Mr. Gudipati G. Kashyap Ms. Apoorva Pandey Ms. T. Archana (A.O.R.) Mr. Sanjay Kapur, Adv. Ms. Megha Karnwal, Adv. Mr. M. L. Lahoty, Advocate Mr. Paban K Sharma, Advocate Mr. Anchit Sripat, Advocate Mr. Raghvendra Singh, Sr. Adv. (Advocate General) Ms. Garima Prashad, AOR Ms. Deepali Dwivedi, Adv. Mr. Fuzail Ahmad Ayyubi, Adv. Mr. Gautam Das..AOR Mr. C.M. Gopal,Adv. Mr. Sunil Kumar Sethi,Adv. Mr. Lalit Rana,Adv. Ms. Vandana M. Bebatta, Adv. Mr. Santosh Bebarta,Adv. Mr. Sabyasachi Das, Adv. Mr. Talha A Rahman, AOR Mr Pawan Bhushan, Adv. Mr. Udit Kokanthankar, Adv. Mohz. Shah Khan, Adv. Ms. Shweta Kapoor Adv, Mr. Anis Ahmed Khan AOR Mr. P.B.A. Srinivasan, Advocate Mr. Aman Gupta A.O.R. Mr. Avinash Mohapatra, Advocate Mr. Parth D. Tandon, Advocate Mr. Neelam Phukan, Advocate Ms. Ichchha Kalash, Adv. Mr. Rahul Malhotra, Adv. Mr. Varun Garg, Adv. Ms. Himanshi Madan, Adv. Mr. Rajesh P., Adv. Mr. Shubham Bhalla, AOR Mr. Deepak Samota, Adv. Mr. Vijay Kumar Diwedi, Adv. Mr. Avneesh Arputham, Adv. Ms. Anuradha Arputham,Adv. Mr. Manish Kumar Saran,Adv. Mr. Pradeep Misra Adv. Mr. Daleep Dhyani Adv. Mr. Suraj Singh Adv. Ms. Kirti R. Mishra, AOR Ms. Apurva Upmanyu, Adv. Mr. Rajinder Wali, Adv. Mr. B.K. Satija, Adv. Mr. Vivek Narayan Sharma,Adv. Mr. Sanjoy Kumar Ghosh, Advocate Ms. Rupali Samanta Ghosh, AOR Mfr. Keshav Mohan, Adv Mr. R.K Awasthi, Adv Mr. Prashant Kumar, Advocate Mr. Piyush Vatsa, Adv. Mr. Santosh Kumar – I, Adv. Dr. Amardeep Gaur, Advocate For M/s. V.Maheshwari & Co . Ms. Prerna Mehta, Adv. Mr. Rohit Singh, ADv. Mr. Tileshwar Prasad, Adv. Mr. Naresh Aditya Mahdav, Adv. Mr. Niraj Gupta, Advocate on Record Md. Fuzail Khan, Advocate Mr. Siddharth Krishna Dwivedi, Adv. Ms. Nidhi Singh, Adv. Ms. Taru Singh, Adv. Mr. Aakarshan Aditya, Adv. Mr. Janender Kumar Chumbak, Advocate Ms. Amita Singh Kalkal, AOR Mr. D. P. Singh, Adv. Mr. Anurag Gupta, Adv. Mr. Archit Singh, Adv. Ms. Sonam Gupta, Adv. Mr. Mohit Chaudhary, Adv. Ms. Puja Sharma, Adv. Mr. Kunal Sachdeva, Adv. Mr. Shyam Singh Yadav, Adv. Mr. Imran Ali, Adv. Mr. Balwinder Singh Suri , Adv. Mr. Parveen Kumar, Adv. Ms. Garima Sharma, Adv. Ms. Srishti Gupta, Adv. For Kings & Alliance, AOR Mr. Vikram Hegde, Advocate Ms. Anurag Rana, Advocate Ms. Hima Lawrence, AOR Mr. Ambhoj Kumar Sinha, Adv. Mr. Arpit Rai, Adv Mr. Aviral Kashyap, AOR Mr. Bishwajit Dubey, Adv Ms. Srideepa Bhattacharyya, Adv Mr. Sumit Attri AOR For Cyril Amarchand Mangaldas, AOR Mr. Sukant Vikram, AOR Mr.Kumar Shashwat, Adv. Mr. Aditya Sharma, Adv Mr. Pankaj Singh, Adv Mr. Krishna Kant Dubey, Adv Ms. Suchi Singh, Adv. Mr. Sanjay Kumar Dubey, AOR Mr. Jawad Tariq, Adv. Shri Satish Pandey AOR Ms. Geeta Verma Adv Ms. Gayatri Verma, Adv. (appearance slip not given) Mr. Jasmeet Singh, AOR Mr. Ketan Gaur, Advocate Mr. Ayush Mitruka, Advocate Mr. Ashish Bhan, Advocate Mr. Saif Ali, Advocate Mr. Pushpendra S. Bhadoriya, Advocate Mr. Chandra Prakash, Adv. Mr. Rahil Sharan, Adv. Mr. Abhigya, AOR Mr. Pradeep Kumar Dubey, Adv. Mr. Siddharth Rajkumar Murarka, Adv. Ms. Sunita Yadav, Adv. Ms. Anamika Kushwaha, Adv. Ms. Nandita Rao, Adv. Mr. K. N. Agnihotri, Adv. Mr. Pradhuman Gohil, Advocate Ms. Taruna Singh Gohil, AoR Ms. Riya Chopra, Advocate Ms. Ranu Purohit, Advocate Ms. Tanya Srivastava, Advocate Mrs. Mayuri Raghuvanshi, AOR Mr. Vyom Raghuvanshi, Advocate Ms. Sangya Negi, Advocate Mr O. P. GAGGAR, AOR Mr. Aditya Gaggar, Advocate Mr. Rohit Sharma, Adv. Mr. Rounak Nayak, Adv. Mr. Atul Agarwal, Adv. Mr. Kumar Dushyant Singh, Adv. Mr. Alok Kumar,Adv. Mr. Balaji Srinivasan,Adv. Ms. Garima Jain,Adv. Ms. Sowmya Yadava,Adv. Mr. Prakash Kumar Singh, AoR Dr Brij Bhushan K . Jauhari Ms. Purnima Jauhari, Adv, Mr. Harsh Mahan , Adv. Mr. O.P. Singh, Adv. Ms. Anisha Upadhyay(AOR) Mr. Nishant Kumar, Adv. Mr. Abhinav Shrivastava, AOR Mr. Karan Chadha, Adv Mr. Divyakant Lahoti, AoR Mr. Parikshit Ahuja, Adv. Ms. Praveena Bisht, Adv. Ms. Vindhya Mehra, Adv. Ms. Madhur Jhavar, Adv. Mr. Kartik Lahoti, Adv. Mr. Rahul Maheshwari, Adv. Mr. Bhanu Pant, Adv. Ms. Sakshi Banga, Advocate Mr. Anas Tanwir, AoR Ms. Garima Prashad, Aor Mr. Abhitosh Pratap Singh, Adv. Mr. Rohit Kumar Singh, Adv. Mr. Shubham V. Gawande, Adv. Mr. Vikramjit Banarjee, ASG Mr. Mukul Singh Adv Mr. Vikrant Yadav Adv Mr. Prashant Singh, Adv. Mr. Vibhu Shanker Mishra Adv Mr. R.R. Rajesh Adv Mr. Raj Bahadur Yadav, Adv. Ms. Arti Singh, AOR Mr. Aakashdeep Singh Roda, Adv. Ms. Pooja Singh, Adv. Mr. Basant Pal Singh, Adv. Mr. Amit Bhanot, Adv. Mr. Manish Kumar, Adv. Mr. Harish Pandey, AOR Ms. Pallavi Shroff, Advocate Mr. Manu Nair, Advocate Mr. Neelabh Sheeresh, Advocate Mr Shardul Shroff, Advocate on Record Ms. Indra Sawhney, Adv. Mr. Ranjan Kumar Pandey, Advocate On Record Mr. Sandeep Bisht, Advocate Mr. Anuj Tiwari, Advocate Mr. Shikhar Shrivastava, Advocate Mr. Manoj Singh Advocate Mr. Sanjay Kumar Visen, AOR Mr. Umesh Kr. Khaitan, Advocate on Record Mr. Syed Arsalan Abid, Advocate Mr. Prateek Khaitan, Advocate Mr. Manoj Singh, Adv. Mr. Rajesh Kumar, Adv. Mr. Gaurav Goel, AOR Mr. Dheeraj Nair, AOR Mr. Kumar Kislay, Advocate Ms. Vishrutyi Sahni, Advocate Mr. Mrinal Harsh Vardhan, Adv. Mr. Abhimanue Shrestha, AOR Mr. Devender Kumar Singh, Adv. Mr. Karunakar Mahalik, AOR Mr. Atul Sharma, Adv. Mr. Kamal Gupta, Adv. Mr. Abhishek Agarwal AOR Mr. Suman Tripathy, Adv. Mr. Rameshwar Prasad Goyal, Adv. Mr. Sahil Sethi, Adv. Mr. Shivam Sharma, Adv. Ms. Astha Sharma, AoR Ms. Mantika Haryani, Adv. Mr. A.C.Mishra (Adv) Miss Nipun Sharma (Adv) for ACM Legal (AOR) Ms. Anisha Mathur, Adv. Mr. Siddharth Sihag, Adv. Ms. Manju Jetley, AOR Mr. Rajesh K. Gupta, Adv. Ms Jasmine Damkewala, AOR Mr. Shivam Sharma, Advocate Mr. Vinod Kumar, Advocate Mr. Braj Kishore Mishra, AOR Ms. Richa Kapoor, AOR Mr. Shalya Agarwal, Adv. Mr. Kunal Anand, Adv. Mr. Chandan Kumar, AOR Mr. Rituraj Choudhary, Adv. Mr. G. Balaji, AOR Mr. Raj Kamal, AOR Mr. Himanshu Shekhar, AOR M/S. Cyril Amarchand Mangaldas Aor, AOR Mr. Vishnu Sharma, AOR Ms. Rakhi Ray, AOR Mr. Dharmendra Kumar Sinha, AOR Mr. Gaurav Goel, AOR Ms. Garima Prashad, AOR Mr. Ravindra Kumar, AOR Mr. Badri Prasad Singh, AOR Mr. Mukesh Kumar Maroria, AOR Mr. Dheeraj Nair, AOR Ms. Anannya Ghosh, AOR Mr. B. Krishna Prasad, AOR Ms. Mayuri Raghuvanshi, AOR Mr. S. K. Verma, AOR Mr. Abhishek Agarwal, AOR Mr. Jasmeet Singh, AOR Mr. Ramesh Babu M. R., AOR Mr. Somesh Chandra Jha, AOR Mr. Sudhir Naagar, AOR Mr. Arup Banerjee, AOR Mr. Syed Mehdi Imam, AOR Mr. Talha Abdul Rahman, AOR Mr. Ashwarya Sinha, AOR Ms. T. Archana, AOR Mr. Shakil Ahmed Syed, AOR Ms. Astha Sharma, AOR Mr. Sumit Sinha, AOR Mr. Ambhoj Kumar Sinha, AOR Mr. Shree Pal Singh, AOR Mr. G. N. Reddy, AOR Ms. Charu Ambwani, AOR Mr. Aakarshan Aditya, AOR Mr. Ravindra Sadanand Chingale, AOR Ms. Bharti Tyagi, AOR Mr. Anis Ahmed Khan, AOR Mr. Rameshwar Prasad Goyal, AOR Mr. Anoop Prakash Awasthi, AOR Ms. Dharitry Phookan, AOR Mr. Rabin Majumder, AOR Mr. Mohit D. Ram, AOR M/S. Kings And Alliance Llp , AOR Mr. Rakesh Kumar-i, AOR Mr. Chandra Prakash, AOR Ms. Anisha Upadhyay, AOR Mr. Sureshan P., AOR Mr. Rishi Matoliya, AOR Mr. Satyajeet Kumar, AOR Mr. Ashok Mathur, AOR Mr. Dhananjay Garg, AOR Shri. Gaichangpou Gangmei, AOR Mr. Prem Prakash, AOR Mr. Pawanshree Agrawal, AOR Ms. Indra Sawhney, AOR Mr. Braj Kishore Mishra, AOR Mr. T. Mahipal, AOR Mr. Anas Tanwir, AOR Mr. Neeraj Shekhar, AOR Mr. Avneesh Arputham, AOR Ms. Hima Lawrence, AOR Mr. Rohit Kumar Singh, AOR Mr. Vipin Kumar Jai, AOR Mr. Aman Gupta, AOR Mr. Mishra Saurabh, AOR Mr. Annam D. N. Rao, AOR Dr. Nafis A. Siddiqui, AOR Mr. Sukant Vikram, AOR Mr. Anil Kumar Mishra-i, AOR Mr. S. R. Setia, AOR Mr. Purvish Jitendra Malkan, AOR Mr. Raj Bahadur Yadav, AOR Mr. Anil K. Chopra, AOR Ms. Pallavi Pratap, AOR Mrs. Swarupama Chaturvedi, AOR Mr. D. S. Chauhan, AOR Ms. Praveena Gautam, AOR Mr. Ranjan Kumar Pandey, AOR Mr. Praveen Jain, AOR Mr. Varinder Kumar Sharma, AOR Ms. Charu Mathur, AOR Mr. B. K. Satija, AOR Mr. M. M. Kashyap, AOR Mrs. Taruna Singh Gohil, AOR Mr. Abdul Azeem Kalebudde, AOR Mr. Pradeep Misra, AOR Mr. Sudhansu Palo, AOR Ms. Jasmine Damkewala, AOR Mr. Sanjay Kapur, AOR Mr. Rohit Amit Sthalekar, AOR Mr. Raj Kamal, AOR Mr. Ram Lal Roy, AOR Mr. Udita Singh, AOR Mr. Prakash Kumar Singh, AOR Ms. Kamakshi S. Mehlwal, AOR Abhigya, AOR Mr. Aneesh Mittal, AOR Mr. Santosh Kumar - I, AOR Mr. Sanjay Kumar Dubey, AOR Mr. S. S. Shroff, AOR Mr. Sanjay Kumar Visen, AOR Mr. Arvind Gupta, AOR Mr. O. P. Gaggar, AOR Mr. Divyakant Lahoti, AOR Mrs. Gargi Khanna, AOR Mr. Sibo Sankar Mishra, AOR Mr. Sanjai Kumar Pathak, AOR Gaurav, AOR Mr. Gautam Das, AOR Ms. Suruchii Aggarwal, AOR Mr. Kaushik Choudhury, AOR Mr. Fuzail Ahmad Ayyubi, AOR Mr. Balraj Dewan, AOR Mrs. Anil Katiyar, AOR Mr. Aviral Kashyap, AOR Mr. Satish Pandey, AOR Mr. M. T. George, AOR Ms. Amita Singh Kalkal, AOR Mr. Kumar Dushyant Singh, AOR Mrs. Mona K. Rajvanshi, AOR Mrs. Kirti Renu Mishra, AOR Mr. Roopansh Purohit, AOR Mr. Mushtaq Ahmad, AOR M/S. Dharmaprabhas Law Associates, AOR Mr. Umesh Kumar Khaitan, AOR Mr. Smarhar Singh, AOR Ms. Shobha Gupta, AOR Mr. Ashok Kumar Singh, AOR Ms. Rajkumari Banju, AOR Mr. Niraj Gupta, AOR Nitish Massey, AOR Mr. Christopher Dsouza, AOR Ms. Sujata Kurdukar, AOR Ms. Misha Rohatgi, AOR Mr. Harish Pandey, AOR Mr. Sunny Choudhary, AOR Ms. Sonam Gupta, AOR Mr. Brijesh Kumar Tamber, AOR Mr. Sanchit Garga, AOR Ms. Richa Kapoor, AOR Ms. Prerna Mehta, AOR Ms. Anindita Pujari, AOR M/S. V. Maheshwari & Co., AOR Mr. Shubham Bhalla, AOR Mr. Abhinav Ramkrishna, AOR Mr. Malak Manish Bhatt, AOR Mr. Ritesh Agrawal, AOR Mr. Tejaswi Kumar Pradhan, AOR Ms. Anubha Agrawal, AOR Mr. Pramod Dayal, AOR

Headnote:(A) Companies Act, 2013; The Uttar Pradesh Apartment (Promotion of Construction, Ownership and Maintenance) Act; RERA - Heartbeat City Projects - Amrapali Group promised delivery within 36 months, yet construction was delayed. The court addressed ownership of the Heartbeat project, confirming interdependencies among entities involved including Amrapali, and default in obligations led to payments due to NOIDA. (Paras 2, 26, 30)

(B) Corporate Governance - Evidence of mismanagement, lack of compliance with board meeting requirements under Section 174, and potential money laundering activities. Key shareholders and directors mismanaged funds, showing no genuine business operations and interwoven transactions across the associated companies. (Paras 7, 11)

(C) Forensic Findings - The court noted fraudulent practices including routing of home buyers' funds and illegitimate transactions among companies, affirming recovery from entities involved. Findings suggest systemic fraud within the group aimed at siphoning funds from home buyers. (Paras 10, 11, 12, 13)

Facts of the case:
Two main questions arose regarding the Amrapali Heartbeat Project: ownership and agreement with Baseline Infradevelopers. The court discovered inadequate construction progress despite funds received, revealing complex relationships and dubious transactions among involved companies.

Findings of Court:
The Heartbeat projects are to be treated as Amrapali's projects, and substantial amounts are recoverable due to the illicit activities of the directors involved. The court ruled for financial restitution to facilitate project completion.

Issues: The main issues involved included the fraudulent nature of financial dealings within the involved companies and the obligations of directors with respect to corporate governance.

Ratio Decidendi: The court underscored the fiduciary duties of directors and the paramount need for accountability in corporate management, reaffirming the need to rectify financial misappropriation affecting home buyers.

Result: The court ordered payment of outstanding dues and execution of a sale deed for the land, thereby equitably addressing the failures of various parties.

Table of Content
1. establishment of heartbeat city projects (Para 1 , 2 , 3 , 4)
2. financial analysis of heartbeat projects (Para 5 , 6 , 8)
3. involvement of sureka group in funding (Para 10 , 11 , 12 , 13)
4. issues of financial transactions and irregularities (Para 14 , 15 , 16)
5. transfer of rights and responsibilities (Para 17 , 19)
6. nclt proceedings and order validity (Para 18 , 24)
7. settlement of financial dues and sale deeds (Para 22 , 29)

ORDER :

1. We have heard the Forensic Auditor as well as the learned counsel appearing for the parties at length. The first question arises whether the Heartbeat City Projects are of Amrapali Group, and the second question is as to the agreement entered into by M/s. Mahagun Real Estate Private Limited with M/s.Baseline Infradevelopers Private Limited.

2. It is apparent that Heartbeat City Projects were launched in the name of the 'Amrapali Heartbeat’ project in 2011-2012 with Mr. M. S. Dhoni, the Brand Ambassador. The Home Buyers' agreement was entered into in the name style of Amrapali Group with the assurance that flats will be delivered within 36 months. Most of the buyers paid their dues on time, but the construction was delayed.

3. Heartbeat City Projects comprise Heartbeat City 1 (for short, HBC 1) and Heartbeat City 2 (for short, HBC 2) and Hanging Gardens in Noida. The land for the respective projects was allotted in the name of Three Platinum Softech Private Limited, Pebbles Prolease Private Limited, and Baseline Infradevelopers Private Limited. The projects were launched and advertised in the name of the Amrapali Group. Phase 3 project was started in 2011-2012 in the name of Hanging Garden; however, later on, Hanging Garden project was scrapped, and the home buyers were admittedly shifted to HBC 1 and HBC 2 or refunded the amount.

4. HBC 1 comprises 759 units, and HBC 2 consists of 1217 units + shops, but construction could not progress for one reason or the other.

5. In the Audit Report, it has been found that the land in Baseline was part and parcel of HBC 1 and HBC 2 projects and in general, under the control of the Directors of HBC 1 and HBC 2 and was purchased from the funds of the customers of HBC 1 and HBC 2 and, is an integral part of HBC 1 and HBC 2 and, therefore, customers of HBC 1 and HBC 2 have the first and the full right over the land rights and on the proceeds to be received from the sale of the land can be utilised for the construction of HBC 1 and HBC 2 projects. HBC 1 has nine towers and 785 units, of which, 675 units were sold and Rs. 147 crores recoverable from sold units. HBC 2 has 12 towers and 1282 units, out of which, 936 units were sold and Rs. 301 crores recoverable from sold units. The cost to complete HBC 1 is approximately Rs. 167.19 crores and HBC 2 is Rs. 375.64 crores, which is recoverable from unsold units.

6. Mr. Amit Wadhwa, Director of Amrapali Homes, has 25% shareholding. Mr. Akhil Kumar Surekha, who is the Director of Bihariji Ispat Udyog Ltd. and JST Engineering Services Limited, has 13% and 12% shareholding respectively, total 25%. Mr. Vaibhav Jain and Mr. Pankaj Jain, Directors, are holding 10% and 15%, total 25% of the shareholding, whereas Cozi Habitat Builders Private Limited, Maa Sharda Holding Private Limited, through its Director Mr. Sankalp Shukla is also holding 25% shares. Similarly, in HBC Phase II, the shareholding pattern is similar to 25% of the group mentioned above of Mr. Amit Wadhwa, Mr. Akhil Kumar Surekha Vaibhav Jain, Mr. Pankaj Jain, and Mr. Sankalp Shukla.

7. In Baseline Infradevelopers Pvt. Ltd., it is stated that shareholding of Mr. Amresh Kumar is 8.25%, Bihariji Ispat Udyog Limited through Mr. Akhil Kumar Surekha is 8.25%, B2C Realtors Pvt. Ltd. through Mr. Vaibhav Jain and Ms. Swati Jain is 8.25%, Cozy Habitat Builders Pvt. Ltd. through Mr. Sankalp Shukla is 8.25%. Mr. Nishant Choubey and Mr. Santosh Choubey are holding 34% and 33% respectively. Mr. Nishant Choubey and Mr. Santosh Choubey did not provide documents

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