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Tuesday , 23 July 2019
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Supreme Court raps Jaiprakash Associates for failing to deposit Rs 2000 crore

After Jaiprakash Associates Limited (JAL) missed yet another deadline today to deposit Rs 2000 crore as security money, the Supreme Court rapped the company for its highly irresponsible behavior. In response to the irresponsible behavior, the top court has asked all of the company’s non-institutional directors to submit the details of their personal assets. The court has also asked all such directors to be present at the next hearing in the case, which is scheduled on November 22. Experts said that the court might try to go after the personal assets of the directors, in an effort to put pressure on the company to deposit the Rs 2000 crore security amount. The security money is to be deposited with the Supreme Court registry.

The court has also directed amicus curiae Pawan Shree to create a dedicated website for homebuyers, where they can file their claims. Currently, there is a lot of confusion among homebuyers in regards to how and where to file their claims. A dedicated website will certainly make things a lot easier for homebuyers, thousands of whom are feeling cheated after having invested their life savings worth lakhs and crores. JAL said that it can deposit Rs 693 crore today, but Supreme Court rejected the offer, as it would have set a bad precedent that the top court is open to bargaining. Meanwhile, the restructuring process is underway, with many firms expressing their interest in completing the various under-construction projects of Jaiprakash Associates.

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