Ansal API CEO quits amid scrutiny of company for fund diversion

In a filing with stock exchanges on Monday, the company said Kumar, who was also its joint managing director, resigned with immediate effect “due to his health reasons and other family circumstances”.

By Mohit Bhalla, ET Bureau | Apr 22, 2019, 11.50 PM IST

Mumbai: Ansal API’s chief executive, Anil Kumar, has quit amid a scrutiny of the company by the Uttar Pradesh real estate regulator for potential diversion of Rs 600 crore from one of its township projects.

In a filing with stock exchanges on Monday, the company said Kumar, who was also its joint managing director, resigned with immediate effect “due to his health reasons and other family circumstances”.

ET reported on Saturday that UP’s real estate regulatory authority was weighing options including a more advanced audit of Ansal API’s projects, after a basic audit by consultant Currie & Brown found potential diversion of funds from the company’s Lucknow township project.

UP RERA chairman Rajive Kumar told ET that the regulator had issued notices for de-registration of Ansal’s Lucknow township projects. He also said the RERA was awaiting a reply from the company.

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