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MS Dhoni moves SC against Amrapali group over dues worth Rs 40 crore

Last Updated : Mar 27, 2019 12:36 PM IST | Source: Moneycontrol.com

From 2009 to 2016, Dhoni entered into agreements with the group as a brand ambassador and gave it rights to use his endorsement in marketing campaigns

Former Indian skipper Mahendra Singh Dhoni has sought the intervention of the Supreme Court against the Amrapali Group to retrieve dues worth nearly Rs 40 crore from the company for his branding and marketing services for six years, The Times of India reported.

“The builder, Amrapali group, owes an amount in excess of Rs 38.95 crore, of which Rs 22.53 crore is towards the principal amount and Rs 16.42 crore towards interest calculated at 18 percent simple interest per annum,” Dhoni’s petition read, according to the report.

From 2009 to 2016, Dhoni entered into agreements with the group as a brand ambassador and gave it rights to use his endorsement in marketing campaigns. During this period, Amrapali group had been accused of cheating buyers of their housing projects and duping their funds. Dhoni was also targeted on social media for being associated with the company and hence he ended his association.

On February 28, the CMD of Amrapali Group Anil Sharma and two other directors were sent to police custody by the SC for interrogation in the same case.

The apex court is hearing 46,000 pleas of homebuyers against the company and now Dhoni has joined the group to protect his financial stakes in the issues. He moved the court to earmark certain land parcels of the group to secure his financial interests.

Dhoni also provided copies of his agreements with the group with his petition. “It was agreed that the firm will provide Amrapali Group with exclusive right to use his endorsement in connection with the advertisements and PR activities. It was categorically agreed that all payments under the agreement were to be paid to Dhoni only,” the petition added.

Source

Prakash Poojary
Business Analyst

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